| UPDATE: MLV & Co Reiterates On Miller Energy Resources On New Strategy in Place | |
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In a report published Thursday, MLV & Co analyst Chad Mabry reiterated a Buy rating on Miller Energy Resources (NYSE: MILL), but lowered the price target from $3.50 to $3.00.
In the report, MLV & Co noted, “Anything and everything that could go wrong for MILL in fiscal Q2'15, did go wrong. Its RU-9 development well was a major disappointment, casting concern over a core asset. Its WF-3 workover didn't work. Its Olsen Creek #2 exploration well was also unsuccessful. Ongoing management turnover has not exactly inspired investor confidence. We'll spare any further commentary on the precipitous decline in oil prices. The positive takeaway: new management is demonstrating its adaptability to the situation. The company is reducing its capital spending and shifting its focus to lower-risk opportunities within the portfolio. We're believers in both the new strategy and management's ability to execute in order to turn the corner. While our NAV-based target price is being reduced to $3.00 (from $3.50) on a lower production forecast, we maintain our Buy rating on an improved liquidity outlook.”
Miller Energy Resources closed on Wednesday at $1.16.
Latest Ratings for MILL
Date | Firm | Action | From | To |
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Dec 2014 | Imperial Capital | Maintains | | Outperform | Oct 2014 | MLV & Co | Maintains | | Buy | Jul 2014 | Casimir | Downgrades | Buy | Hold |
View More Analyst Ratings for MILL
View the Latest Analyst Ratings
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Miller Petroleum Inc.
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CODE : MILL |
ISIN : US6005271050 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Miller Petroleum is a oil producing company based in United states of america. Miller Petroleum is listed in United States of America. Its market capitalisation is US$ 135.2 millions as of today (€ 120.6 millions). Its stock quote reached its highest recent level on December 20, 2013 at US$ 8.97, and its lowest recent point on October 02, 2015 at US$ 0.03. Miller Petroleum has 3 862 350 080 shares outstanding. |