Cooper Risking the Farm to Buy the Cash Cow
Cooper Energy likes APA’s Orbost gas processing plant Victoria so much that it is risking itself to control the facility in a deal worth more than half of its market capitalisation.
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Cooper Energy is an S&P/ASX 200 (ASX:COE) listed energy company which generates revenue from the discovery, commercialisation and sale of gas to south-east Australia and low cost Cooper Basin oil production. Gas accounts for the major share of the company’s sales revenue, production and reserves.
Cooper Energy likes APA’s Orbost gas processing plant Victoria so much that it is risking itself to control the facility in a deal worth more than half of its market capitalisation.
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Shares in Cooper Energy rose more than 7% yesterday after its second upgrade in three weeks, thanks to surging demand for gas and especially robust prices in NSW and Victoria.
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Shares in Copper Energy jumped sharply yesterday after it lifted its earnings guidance nearly 10% for the year to June because of the lift in global gas demand and prices.
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Oil and gas developer Cooper Energy (COE) is looking to raise $151 million in an equity raising to help fund its new Sole offshore gas project in Victoria’s Gippsland Basin.
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While most energy firms struggled today following a slump in oil prices in the US on Friday, Cooper Energy soared as much as 80% to an all time high of $1.295 after it said it had discovered a new oil field in the Cooper Basin. In addition, oil shows have been detected at its Indonesian well.
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The broker lowers its target price to $0.31 from $0.35 and retains its Add rating.
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Morgans lowers its target to $0.29 from $0.34 and retains its Add rating, after Cooper Energy lowered FY21 guidance.
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Morgans upgrades the rating to Add from Hold and lifts the target price to $0.34 from $0.30.
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Morgans lowers the rating to Hold from Add and the target to $0.30 from $0.39 given short-term uncertainty around the path to reaching nameplate at Sole.
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