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@fordf150 Further afield, Frank Giustra and Serafino Iacono's Colombian gas explorer, NG Energy International Corp. (GASX), added four cents to 75 cents on 101,300 shares. It has announced a share buyback program whereby it can repurchase up to 6.2 million of its 124 million shares over the next 12 months. The reason for the buyback, as usual, is management's belief that "the market price of the common shares may not fully reflect the underlying value of the company's business and its future prospects."
Put another way, the stock has taken a beating -- falling to 75 cents from $2.30 since the start of the year -- and management wants to be seen doing something about it. Part of the drop reflects delays in starting production at NG Energy's gas assets. Political turmoil has added to the pressure, with several energy stocks having tumbled since leftist candidate Gustavo Petro won Colombia's presidential election last month. He will take office Aug. 7 and has vowed to try to ban new oil projects, interfere with existing projects and generally wean the country off dirty fossil fuels. (He has offered scant details about how he will develop alternative revenue streams for a country so reliant on energy exports, but that is par for the course for a politician.)
None of the above fazes a brand new cheerleader of NG Energy, Canaccord Genuity analyst Roman Rossi. He published his first research note on the stock this morning. In Mr. Rossi's view, the gassy NG Energy is "operating in one of the hottest subsectors in Colombia ... [and] is well positioned to become an important player in the medium term." He predicted that the company will be producing over 40 million cubic feet a day by the end of 2023. In addition, the analyst heaped praise on NG Energy's management, most of which previously worked at Pacific Rubiales, "one of the most successful O&G [oil and gas] independent stories in Latin America." (It was not until much later in the note that the analyst mentioned that Pacific "did not have a happy ending," his way of referring to its spectacular collapse into bankruptcy in 2016, followed by its restructuring and emergence as Frontera Energy Corp. (FEC: $11.48), under new management.)
Mr. Rossi concluded by giving NG Energy a "speculative buy" rating and a price target of $1.40. That is nearly double today's close of 75 cents. Investors may wish to note the disclaimers buried at the bottom of the 34-page note, disclosing that the analyst's employer, Canaccord, has led recent financings for NG Energy and receives compensation from it for investment banking services.
Sie haben getroffen und habe eine neus Gasdiscovery entdeckt. Das ist doch schon mal ein gutes Zeichen. Bin gespannt ob es jetzt weiter hoch gehen wird. Der Kurs ist ein absoluter Witz bisher
ceo.ca/@newswire/...-announces-gas-discovery-in-the-magico-1x
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