Miller Energy Resources Now Covered by Analysts at Imperial Capital (MILL)
Research analysts at Imperial Capital assumed coverage on shares of Miller Energy Resources (NASDAQ:MILL) in a report released on Friday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $9.50 price target on the stock. Imperial Capital’s price target would indicate a potential upside of 32.68% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of MILL with an Outperform rating and one-year price target of $9.50, about 33% above the recent share price. MILL purchased its Cook Inlet assets out of bankruptcy in 2009 for about $4.5mn, the same assets that Pacific Energy Resources earlier purchased for $460mn. Post-acquisition, MILL was hampered with rig delays, but since installing its newbuild rig on the Osprey platform, it has reported a string of successful wells, demonstrating the value of its assets and the acumen of its engineering and geological/geophysical (G&G) team. It has successfully grown production from nearly nil to over 3,000 boe/d in Alaska, and we expect significant additions to its proved reserves in April 2014. Miller’s proved NAV of $7.61/share has significant running room, e.g., MILL booked only slightly less than 6mmboe of proved reserves booked on Redoubt, whereas the previous operator had booked 50mmbbl of PUDs.”
In other Miller Energy Resources news, Director Herman Gettelfinger unloaded 7,932 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $6.62, for a total value of $52,509.84. Following the sale, the director now directly owns 498,981 shares of the company’s stock, valued at approximately $3,303,254. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of other firms have also recently commented on MILL. Analysts at SunTrust raised their price target on shares of Miller Energy Resources (NASDAQ:MILL) from $6.50 to $8.00 in a research note to investors on Thursday, September 12th. They now have a “neutral” rating on the stock. Finally, analysts at Casimir Capital raised their price target on shares of Miller Energy Resources (NASDAQ:MILL) from $7.00 to $9.00 in a research note to investors on Friday, August 30th. They now have a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $6.88.
Miller Energy Resources (NASDAQ:MILL) traded up 0.54% during mid-day trading on Friday, hitting $7.199. The stock had a trading volume of 95,192 shares. Miller Energy Resources has a 52-week low of $3.34 and a 52-week high of $7.38. The stock’s 50-day moving average is $6.22 and its 200-day moving average is $4.59. The company’s market cap is $313.8 million.
Miller Energy Resources (NASDAQ:MILL) last posted its quarterly earnings results on Monday, September 9th. The company reported ($0.22) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.17) by $0.05. The company had revenue of $13.00 million for the quarter, compared to the consensus estimate of $11.92 million. Analysts expect that Miller Energy Resources will post $-0.58 EPS for the current fiscal year.
Miller Energy Resources, Inc is an independent exploration and production company that utilizes seismic data and other technologies for geophysical exploration and development of oil and gas wells in the Appalachian region of East Tennessee and in southcentral Alaska.
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