Northland Securities analyst Jeff Grampp maintained a Buy rating on Falcon Minerals Corporation (FLMN) today and set a price target of $9.50. The company’s shares closed yesterday at $7.24, close to its 52-week low of $6.71.
Grampp wrote:
“We looked back on COP’s 50 most recently IP’d Eagle Ford wells, which averaged about 10 months from permit approval to IP date. This average implies an IP date for the upcoming Hooks Ranch wells of early March 2020, marginally behind our mid-February 2020 estimate and later than the company’s expectation for production before year-end. Scenario is We view FLMN as an attractive yield story that provides exposure to oil prices in a lower risk vehicle. While we expect FLMN to grow production given the core location of its assets and strong returns its operators can achieve, we think even a no growth scenario can still be attractive given its high yield.”
According to TipRanks.com, Grampp is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -14.6% and a 21.4% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Falcon Minerals Corporation with a $10.42 average price target, representing a 43.9% upside. In a report issued on May 23, Robert W. Baird also initiated coverage with a Buy rating on the stock with a $11 price target.
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Based on Falcon Minerals Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $5.38 million. In comparison, last year the company had a net profit of $458K.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FLMN in relation to earlier this year.
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Osprey Energy Acquisition Corp. is a emerging growth and blank check company. The firm’s purpose is effecting a merger; capital stock exchange; asset acquisition; stock purchase; reorganization; or similar business combination with one or more businesses.
