UPDATE: CK Cooper & Company Downgrades Houston American Energy Corporation to Hold Post Failing Exploratory Wells
CK Cooper & Company reduced its rating on Houston American Energy Corporation (NYSE: HUSA) from Buy to Hold and removed its price target of $4.
CK Cooper & Company noted, "We are downgrading our rating of HUSA from BUY to HOLD. The company announced its intention to seek strategic alternatives after experiencing two unsuccessful exploratory wells at its CPO-4 Block concession in Colombia. Our $4.00 price target and speculative BUY rating was based on upside potential from an exploratory drilling program. We think it is unlikely that a firm would pay this type of premium for the company in an M&A transaction."
Houston American Energy Corporation closed at $1.05 on Wednesday.
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