UPDATE: Global Hunter Securities Initiates Cobalt International Energy at Buy on Discoveries
Global Hunter Securities initiated coverage on Cobalt International Energy (NYSE: CIE) with a Buy rating and a $35 price target.
Global Hunter Securities commented, "Cobalt International Energy (CIE) has proven to be an exceptional explorer, in our opinion, with large-scale discoveries under its belt in both the GOM and Angola. 2013 and 2014 should see a series of wells being drilled that, while high risk, could hold a net 1.4 Bboe in aggregate – not to mention near-term appraisals of discoveries at Cameia in Angola and Shenandoah in the GOM that are prospective for another 400-plus MMboe. A recent discovery at the North Platte prospect, with a mean 400 MMboe potential estimate, adds to the inventory."
Cobalt International Energy closed at $25.04 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.