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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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From: LoneClone	1/8/2013 1:26:50 PM
	of 37387

Mart Resources tipped to soar by broker Mon 4:10 pm by Jamie Nimmo proactiveinvestors.co.uk Nigerian oil and gas company Mart Resources ( CVE:MMT) has all the pieces in place to see its share price soar, according to broker Beacon Securities. It kicks off coverage of the stock with a ‘buy’ recommendation and target price of C$2.50 against the current market price of C$1.74. “Trading at 3.4x 2014E CFPS and 0.7x our NAVPS with a 12% yield and multiple development, exploration and infrastructure catalysts in 2013, we believe there is significant upside from the current share price,” said analyst Paul Nielsen. The company’s current growth plan is based on the development and exploration of its core asset, the Umusadege oil field in Nigeria. Since 2007, Mart and its partners have drilled seven new wells, of which six are producing a combined total of 12,000-13,000 per day (gross). “In our view, Mart’s established base production makes it an attractive investment candidate since it is already generating strong cash flow to fund its Umusadege exploration and development program,” Nielsen added.

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