LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity reiterated their 'buy' rating and 370.0p target price on exploration and production outfit Gulf Keystone on Friday following the group's first-half results.
Canaccord Genuity said Gulf Keystone had delivered another "very strong set of results" both operationally and financially, with a further $25.0m dividend declared for 2022.

Operationally, Gulf Keystone has done a good job of maintaining production at current levels while it accelerates the implementation of water handling facilities at both production facilities on Shaikan.

The Canadian bank said Gulf's "solid production base", combined with high oil prices, has led to an "outstanding financial performance", allowing the company to increase full-year total shareholder returns to $215.0m.

Furthermore, Canaccord highlighted that after H122, Gulf Keystone had been able to redeem its $100.0m bonds a year early.

"Despite that total return of $315m to shareholders and creditors and increased capex (due to the addition of a well), we expect the company to maintain a very strong balance sheet, and we project around $170.0m cash and no debt at YE22," said Canaccord.





Reporting by Iain Gilbert at Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE