Crew Energy attracts multiple PT raises on non-core asset sale

Crew Energy

19/08/2022 13:41

** At least five brokerages raise their PTs on Canada's Crew
Energy Inc  CR.TO  after co said on Thur it completed sale of
certain non-core assets at Attachie and Portage areas of
northeast British Columbia for gross proceeds of C$130 mln
($100.11 mln)
    ** Crew will utilize proceeds toward a partial redemption of
a C$300 mln 2024 note  urn:newsml:reuters.com:*:nGNX8t615B
    ** "Unsurprisingly surprising, the company delivers an
entirely unexpected non core asset sale, significantly
de-levering the company and compounding the value potential that
was reflected through the strength of its second-quarter
results" - National Bank Of Canada
    ** Disposition proceeds allow CR to reduce its outstanding
term debt, providing further flexibility as it looks to
refinance remaining principal amount, says ATB Capital Markets
    ** "Company is one of the last remaining, gas-weighted,
mid-cap names in  B.C., and likely one of the few ways an LNG
operator could secure gas molecules without contracting a multi
year/global price participation agreement with other majors in
the province" - Raymond James
     ** 6 of 10 brokerages rate stock "buy" and 4 "hold"; their
median PT is C$8.25, according to Refinitiv data 
    ** CR stock has more than doubled so far this year
    
($1 = 1.2986 Canadian dollars)

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))