Analyst Chris Wheaton from Stifel Nicolaus maintained a Buy rating on Chariot Oil & Gas (CHAR – Research Report) and keeping the price target at p6.00.
Chris Wheaton has given his Buy rating due to a combination of factors surrounding Chariot Oil & Gas’s recent activities and future potential. Despite the underwhelming results from the Anchois-3 appraisal well, the company continues to see promise in the Anchois field and its surrounding licenses. The management is actively engaging in post-well analysis and strategy formulation in collaboration with joint venture partners to map out forthcoming steps for the project. Additionally, Chariot Oil & Gas’s ongoing ventures reflect a dedication to growth, as evidenced by the exploration of new basin entry opportunities in Africa, which could lead to accelerated exploration and drilling programs upon successful acquisition and partnership arrangements.
Moreover, Chariot Oil & Gas’s financial position, reinforced by a recent equity fundraise, coupled with their prudent review of capital allocation, particularly in the Loukos license’s onshore gas discovery, indicates a well-thought-out approach to managing resources and investments. The company’s venture into renewable energy, although still in the strategic review phase for third-party funding, demonstrates a diversified and forward-looking portfolio strategy. These elements, taken together, contribute to Wheaton’s confidence in the stock’s performance potential, affirming the Buy rating with a risked net asset value of 6p per share as an indicator of underlying value.
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CHAR in relation to earlier this year.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Chariot Oil & Gas (CHAR) Company Description:
Chariot Oil & Gas Ltd is an independent oil and gas exploration company focused on creating transformational stakeholder value through the discovery of material accumulation of hydrocarbons. The group operates in two reportable segments being the exploration for oil and gas and corporate costs. It holds licenses covering four blocks in Namibia; three blocks in Morocco; and four blocks in the Barreirinhas Basin offshore Brazil as well as a license in Namibia.
