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On Monday, Jefferies analyst Mark Wilson upgraded Energean Oil & Gas stock from Underperform to Hold, setting a new price target of GBP9.10, up from the previous GBP8.00. The adjustment follows the termination of asset sales to Carlyle, which has led to a revision of the company’s financial outlook.
Wilson noted that the inclusion of assets from Italy, Egypt, and Croatia back into Energean’s portfolio after the halted transaction with Carlyle has resulted in increased group production. The cancellation of the deal also eliminates the need for a $200 million special dividend, positively impacting the company’s year-end 2025 net debt projections.
The reintegration of these assets into Energean’s operations is not without its challenges, as Wilson pointed out. One significant concern is the management of receivables in Egypt. However, the analyst expressed that if Energean can maintain its net debt at levels similar to the end of 2024, the valuation appears more reasonable.
The revised price target reflects the new valuation and the improved financial outlook for Energean. The company’s efforts to fully re-incorporate the assets and manage the associated challenges will be closely watched by investors and analysts alike.
Energean Oil & Gas, listed on the London Stock Exchange (LON:LSEG) as ENOG:LN and on the OTC markets as EERGF, operates in the Mediterranean and is focused on developing gas and oil resources in the region. The company’s revised financial standing and strategic adjustments have positioned it differently in the eyes of Jefferies, leading to the upgraded stock rating and price target.
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