Emerald Oil Coverage Initiated by Analysts at Credit Suisse (EOX)
Equities research analysts at Credit Suisse initiated coverage on shares of Emerald Oil (NYSE:EOX) in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $10.00 price target on the stock. Credit Suisse’s target price would indicate a potential upside of 41.84% from the company’s current price.
The analysts wrote, “EOX has drilled nine wells thus far in its Low Rider project, which have exhibited average 24-hr and 30-day IP rates of 1,654 boe/d and 809 boe/d, respectively,” the report noted. “Much like other Bakken operators, EOX is seeing improving well results due to enhanced drilling and completion techniques. Moreover, positive results from neighboring operators point to the prospectivity of its acreage outside of Low Rider, where the company plans to initiate drilling in 2014.”
EOX has been the subject of a number of other recent research reports. Analysts at Iberia Capital initiated coverage on shares of Emerald Oil in a research note to investors on Monday, December 30th. They set an “outperform” rating and a $11.00 price target on the stock. Separately, analysts at Zacks upgraded shares of Emerald Oil from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, November 12th. They now have a $7.90 price target on the stock. Finally, analysts at Global Hunter Securities downgraded shares of Emerald Oil from a “buy” rating to an “accumulate” rating in a research note to investors on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Emerald Oil has a consensus rating of “Buy” and an average price target of $9.89.
Emerald Oil (NYSE:EOX) traded up 6.10% during mid-day trading on Friday, hitting $7.48. The stock had a trading volume of 1,300,423 shares. Emerald Oil has a one year low of $5.29 and a one year high of $9.20. The stock’s 50-day moving average is $7.27 and its 200-day moving average is $7.38. The company’s market cap is $488.4 million.
Emerald Oil (NYSE:EOX) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.13) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.17) by $0.04. The company had revenue of $17.30 million for the quarter, compared to the consensus estimate of $12.68 million. The company’s quarterly revenue was up 143.7% on a year-over-year basis. On average, analysts predict that Emerald Oil will post $-0.64 earnings per share for the current fiscal year.
Emerald Oil, Inc, formerly Voyager Oil & Gas, Inc is an independent oil and natural gas exploration and production company.
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