ubs

TAP - TAP OIL LIMITED
UBS rates TAP as Downgrade to Neutral from Buy (3) - Tap Oil's loss arising from the writedown of the Starfish punt was double the broker's estimates.
Adding insult to injury, capital expenditure on Manora rose sharply as did procurement delays and construction costs - while first oil slid a touch.
UBS downgrades to Neutral from Buy until the stock delivers on asset sales and production, citing upside risk, some of which has been factored into the target price which falls to 55c from 67c. (Valuation is 43c).
Target price is $0.55 Current Price is $0.52 Difference: $0.03 If TAP meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in December. UBS forecasts a full year FY13 dividend of 0.00 cents and EPS of minus 6.00 cents .
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.67.
Market Sentiment: 0.3


cant believe no mention of the gas asset sale