EnQuest (ENQ)

Sector:

Energy Producers

Index:

FTSE Small Cap

12.32p
   
  • Change Today:
      0.30p
  • 52 Week High: 17.02p
  • 52 Week Low: 10.34p
  • Currency: UK Pounds
  • Shares Issued: 1,872.10m
  • Volume: 2,551,385
  • Market Cap: £230.64m

Jefferies upgrades Enquest, boosts target price

By Alexander Bueso

Date: Tuesday 29 Aug 2017

LONDON (ShareCast) - (ShareCast News) - Analysts at Jefferies upgraded their view on shares of Premier Oil even as they marked down their medium-term Brent oil price deck assumptions.
In their view, the improvement in Premier was accelerating given multiple recent events including a production increase, Catcher plateau increase, Zama discovery size increase, Tolmount funding agreement and the Wytch farm asset sale.

That combination of events led the broker to boost its target price for the shares by 32% to 90.0p, even in the face of its downward price-deck revisions for Brent oil.

Jefferies took down its 2017 Brent price projection from $55 a barrel to $52, that for 2017 from $64 to $57 and that for 2019 from $67 to $60.

In particular, the broker emphasised that, unlike at other levered UK peers, Enquest's debt refinancing was now complete.

Furthermore, and acting as a catalyst, ramp-up at Catcher was ahead and after just one well the Zama discovery in Mexico - at 600bn barrels of oil - appeared simply "world class".

In the same research note, analysts Mark Wilson, Niki Kouzmanov and Alexander Ohlman downgraded their recommendations on Enquest and Tullow Oil from 'buy' to 'hold'.

To back up their recommendation on the former, they pointed to the impact on its valuation from the Kraken FPSO topsides, reminding clients of how Tullow had proceded to an "unexpected" rights issue in the wake of a weaker performance at its TEN field.

As for Tullow's own refinancing, they simply moved back to "modeled" valuation.

The analysts cut their target prices for Enquest's shares from 64p to 30p and on Tullow from 250p to 155p.

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EnQuest Market Data

Currency UK Pounds
Share Price 12.32p
Change Today 0.30p
% Change 2.50 %
52 Week High 17.02p
52 Week Low 10.34p
Volume 2,551,385
Shares Issued 1,872.10m
Market Cap £230.64m

EnQuest Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average
94.44% above the sector average94.44% above the sector average94.44% above the sector average94.44% above the sector average94.44% above the sector average
Price Trend
69.2% below the market average69.2% below the market average69.2% below the market average69.2% below the market average69.2% below the market average
17.95% below the sector average17.95% below the sector average17.95% below the sector average17.95% below the sector average17.95% below the sector average
Income
63.59% above the market average63.59% above the market average63.59% above the market average63.59% above the market average63.59% above the market average
12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average
Growth
85.48% below the market average85.48% below the market average85.48% below the market average85.48% below the market average85.48% below the market average
95.92% below the sector average95.92% below the sector average95.92% below the sector average95.92% below the sector average95.92% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 4
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

EnQuest Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 164,268 @ 12.32p
16:35 79 @ 12.32p
16:35 20,246 @ 12.32p
16:35 2,048 @ 12.32p
16:35 1,192 @ 12.32p

EnQuest Key Personnel

CEO Amjad Bseisu
CFO Jonathan Copus

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