Macquarie upgrades CVN to Outperform from Neutral Tuesday,...

• Macquarie upgrades CVN to Outperform from Neutral
  Tuesday, February 3, 2015 - 16:48
  Macquarie has upgraded Carnarvon Petroleum to Outperform from Neutral. The decision was embedded deep inside a general sector report which has been released today. Forecasts have been left untouched, the price target has remained unchanged at $0.24.
  
  
  
  Referring to the sector generally, Macquarie notes the sharp sell-off in Brent prices has hit the mid-cap sector particularly hard, but valuation support is starting to emerge assuming oil prices recover from current levels, which is the broker's base case scenario looking forward.
  
  
  
  Target price is $0.24 Current Price is $0.13 Difference: $0.11
  If CVN meets the Macquarie target it will return approximately 85% (excluding dividends, fees and charges).
  
  The company's fiscal year ends in June. Macquarie forecasts a full year FY15 dividend of 0.00 cents and EPS of 0.40 cents.
  
  At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is32.50.
  
  FN Arena
  
  Market sentiment: 1.0
  Companies: CARNARVON PETROLEUM LIMITED