CK Cooper Maintains Buy, $14 Target on Endeavour International
CK Cooper reiterates its Buy rating and $14 target price on Endeavour International (NYSE: END) as the company announces the acquisition of there producing properties in the North Sea from ConocoPhillips for $330MM.
CK Cooper says, "The properties are largely developed and estimated to have 2P reserves of ~33MMBOE and current net production of ~10MBOEPD. The transaction nearly doubles 2P reserves, and increases the firm's exposure to North Sea and Brent oil prices, which trade at a meaningful premium to WTIC. The transaction also allows the company to accelerate and monetize some of it's nearly $300MM of tax allowances in the U.K."
END closed at $7.94 per share on Tuesday.
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