UPDATE: Wunderlich Securities Reiterates, Suspends PT On American Eagle Energy Until Crude Prices Improve
In a report published Friday, Wunderlich Securities analyst Irene O. Haas reiterated a Hold rating on American Eagle Energy Corporation (NYSE: AMZG), but changed the price target from $1.00 to suspended.
In the report, Wunderlich Securities noted, “American Eagle Energy Corporation (AMZG) announced on Wednesday that its 2015 drilling budget will be suspended until oil prices improve. In addition, 4Q14 production guidance is being dialed down from 2,700 - 3,000 boepd to 2,600 - 2,700 boepd. While AMZG will be spending less, the company's borrowing base has been reduced from $60 million to zero. To improve its liquidity position, AMZG has monetized its oil hedges through 2015 for proceeds of $13 million. AMZG will remain solvent given its cash balance and low capex and can wait for higher prices. As a result, we maintain our Hold rating. However, while our final NAV remains $1/share, we are suspending our price target as volatility in the market may keep the share price under NAV for an extended period of time.”
American Eagle Energy closed on Wednesday at $0.62.
Latest Ratings for AMZG
Dec 2014 | Wunderlich | Downgrades | Buy | Hold |
Nov 2014 | Wunderlich | Maintains | Buy | |
Nov 2014 | Canaccord Genuity | Maintains | Buy |
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