Roth Capital Assigns Buy On Magellan Petroleum Shares, $4.50 PT
In a research report released today, Roth Capital analyst Joe Reagor assigned a Buy rating on Magellan Petroleum (NASDAQ:MPET) with a price target of $4.50.
Reagor observed, “On September 3, 2014, Angus Energy began drilling its first well on the Horse Hill acreage located in the Weald Basin, U.K. Angus is looking to test several shale formations as well as a conventional gas target with this first well. The well is expected to be drilled to a total vertical depth of 8,700 feet. Angus is covering MPET’s share of the well costs in order to earn a 65% working interest in the well and the remainder of the Horse Hill license. We note that this is not part of MPET’s core Weald Basin acreage and that we view the Horse Hill acreage as noncore. That said, if Angus reports positive results from this initial well it would be a positive indicator for MPET’s core Weald Basin acreage, in our view.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joe Reagor has a total average return of 6.5% and a 61.9% success rate. Reagor is ranked #1248 out of 3255 analysts.