07:20 First Albany initiates GMXR, FXEN and NGAS with Strong Buys; initiates GSX, BBG and BRY with Buys
First Albany initiates GMXR ($19 tgt), FXEN ($17 tgt) and NGAS ($12 tgt) with Strong Buys; initiates GSX ($4.50 tgt), BBG ($35 tgt) and BRY ($60 tgt) with Buys. For GMXR, firm says with the addition of a third, 100% working interest rig, the co appears poised for rapid growth. For FXEN, they think that 100% success rate on last 3 wells validates structural and stratigraphic play concepts. For NGAS, they favor the co's controlled 203,000 net acres in the Appalachian Basin, an area that has become attractive to the industry because of its potential for low-risk, repeatable drilling, and say the co could become a future acquisition target. For GSX, they think that recent results from wells drilled in the Blackhawk indicate that the formation could be a viable tgt across a significant portion of the co's acreage. For BBG, firm believes that development drilling at Cave Gulch, Gibson Gulch, West Tavaputs, and the Powder River Basin should underpin the value of the stock over the next 12 to 24 months. For BRY, they think that the co offers investors a pure play on the bullish crude complex. Firm also initiates WGR, BEXP and FST with a Neutrals. |
