Australia's Carnarvon Energy hits 18-mnth high after Macquarie's double upgrade

Carnarvon Energy

19/12/2023 02:25

** Shares of Carnarvon Energy  CVN.AX  rise as much as 12.8%
to A$0.220, their highest since June 10, 2022 
    ** Analysts at Macquarie double upgrades stock to
"outperform", raises valuation to A$0.25 per share from A$0.10 
    ** Brokerage says lower net cash burn adds 0.36 AU cents per
share to FY24 earnings estimate and 0.70 AU cents per share to
FY25 earnings estimate
    ** Adds if Woodside Energy  WDS.AX  and Santos  STO.AX 
merger happens, the upstream oil and gas explorer would benefit
    ** About 19.2 mln shares change hands, compared with the
30-day average volume of 3.8 mln 
    ** Four of six analysts rate CVN "buy" or higher, 1 "hold"
and 1 "sell" or lower; their median PT is A$0.22 – LSEG data
    ** Stock has risen 30% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))