Vaalco Energy, Inc (DI) (EGY)

 485.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 485.00
  • 52 Week Low: 300.00
  • Currency: UK Pounds
  • Shares Issued: 104.20m
  • Volume: 0
  • Market Cap: £505.37m
  • RiskGrade: 253

Canaccord Genuity slightly lowers target price on Vaalco

By Iain Gilbert

Date: Tuesday 11 Apr 2023

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity slightly lowered their target price on energy company Vaalco from 715.0p to 700.0p on Tuesday as it made "a number of small adjustments" to its model.
Canaccord Genuity said Vaalco's full-year guidance demonstrated the increased production expected from its upscaled asset base, as well as benefits stemming from its recent drilling programme on the Etame licence offshore Gabon.

The Canadian bank stated Vaalco's more diverse asset base, together with reduced unit costs in Gabon, growth potential across the portfolio, continued balance sheet strength, and shareholder returns, plus the continued market discount to the stock's "fair" value, presented "a highly appealing investment opportunity".

"After such a busy year of operational and corporate activity we expect 2023 to be a little quieter externally, but the pace internally is unlikely to let up," said the analysts, who reiterated their 'buy' rating on the stock.

Canaccord thinks that the group's "broader, better balanced production base", with long-term growth potential across all four countries of operation, more than offsets the "small reduction" in its valuation.

"Furthermore, with the FSO now successfully installed at Etame, the infrastructure risks there have declined significantly. Overall, in our view, compared with 12 months ago, Vaalco is a much more attractive - larger and lower risk - investment," said Canaccord.





Reporting by Iain Gilbert at Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

EGY Market Data

Currency UK Pounds
Share Price 485.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 485.00
52 Week Low 300.00
Volume 0
Shares Issued 104.20m
Market Cap £505.37m
RiskGrade 253

EGY Star Ratings

Compare performance with the sector and the market.
more star ratings
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What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
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EGY Dividends

  Latest Previous
  Q1 Q4
Ex-Div 07-Mar-24 23-Nov-23
Paid 28-Mar-24 21-Dec-23
Amount 6.25¢ 6.25¢

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EGY Key Personnel

Chair Andrew L Fawthrop
CEO George Walter Mitchell Maxwell

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