April 4, 2012 9:49 AM | 1 min read
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In a report issued earlier today, MLV & Co announced that it is initiating coverage on Crimson Exploration Inc. (NASDAQ: CXPO), giving the stock a Buy rating and setting a price target of $5.50.MLV went on to say in the report “Our NAV [Net Asset Value], based upon proved reserves, working capital and debt is $1.38 per share. We also consider Crimson's attractive acreage base whose 3P potential is not currently reflected in the stock price, and determine a risked NAV (RNAV) of $10.27...Over the next several months, we should see considerable data flow from these two regions from both Crimson, and peers such as Chesapeake [Energy Corporation] and Woodbine Acquisition Corp. If positive, there could be considerable upside in the shares.”Crimson Exploration Inc. closed yesterday at $4.13.
MEMORIAL DAY FLASH SALE: 50% OFF BENZINGA PRO
As we honor our freedom, take a stand today. Secure the financial freedom that both you and your family deserve. Get exclusive market moving news for just 50% off. Claim your 50% discount here.
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