18/03/2019 | 07:31pm EDT
Morgans initiates coverage on Central Petroleum with an Add rating and $0.21 target.
The company offers leverage to the east coast gas market and an attractive earnings profile, in the broker's view.The company is now selling the majority of its expanded volumes into the east coast market. The broker's earnings forecasts focus on existing 2P reserves and further growth is expected from upsizing existing reserves or from new prospects..
Target price is $0.21.Current Price is $0.14. Difference: $0.07. If CTP meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).
https://www.marketscreener.com/CENTRAL-PETROLEUM-LIMITED-10297051/news/Central-Petroleum-Morgans-rates-CTP-as-Initiation-of-coverage-with-Add-28189009/
We will all know more after the 1Q report with the first 90 days production into NGP. Last year released 30 April.
Ash
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