Stifel Nicolaus analyst Chris Wheaton reiterated a Buy rating on PetroTal Corp (TAL – Research Report) today and set a price target of p104.00.
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Chris Wheaton has given his Buy rating due to a combination of factors that suggest significant upside potential for PetroTal Corp. The company has reported an increase in its 2P reserves by approximately 14% year-over-year, driven by the success at the Bretana field and the integration of reserves from the newly acquired Block 131. This growth trend has been consistent since the development program began in 2018, indicating robust subsurface quality and ongoing success in reserve replacement.
Additionally, PetroTal Corp’s strong reserve replacement ratio of 208% and a reserves life index of 17.5 years underscore the long-term sustainability of its production. The development plan for the Bretana field has been updated to include eight new wells, which, along with potential new export routes, further enhances future growth prospects. Despite rising development costs, the company’s risked NAV remains strong at 104p per share, which aligns with the potential upside to the current price target.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TAL in relation to earlier this year.