CTP – Morgans rates the stock as Hold
A roll forward of the broker's valuation model results in an increased target price of $0.12 from $0.11. Hold.
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Central Petroleum Limited
Central Petroleum Limited (Central) (ASX:CTP) is the largest onshore gas producer in the Northern Territory, supplying oil and gas from its Mereenie, Palm Valley and Dingo fields to domestic customers in the Northern Territory and the wider Australian east coast market.
Central aims to become a significant domestic energy supplier and is working towards a final investment decision for the development of the Range Gas Project in the heart of Queensland’s proven coal seam gas precinct – the Surat Basin, targeting first gas in 2022.
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CTP – Morgans rates the stock as Hold
The broker lowers its target price to $0.12 from $0.13 and maintains its Hold rating.
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CTP – Morgans rates the stock as Hold
In adjusting forward earnings estimates for the halving of equity production and strengthening of the balance sheet, the analyst lowers the target price to $0.13 from $0.15. The Hold rating is maintained.
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CTP – Morgans rates the stock as Hold
Investor sentiment in the oil market has eroded after two once-in-a-decade downturns in the last five years, explains Morgans. Nonetheless, recent events have combined to leave the broker bullish on stocks within the oil and gas coverage.
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CTP – Morgans rates the stock as Hold
Central Petroleum posted its 4Q20 result, with cash receipts and production costs in-line with Morgans forecasts, while General & Administrative and finance costs were below its forecasts.
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