InPlay Oil (IPOOF)(IPO:CA) - Now Is a Good Time to Look At InPlay
InPlay Oil (IPOOF)(IPO:CA)
Now Is a Good Time to Look At InPlay
As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Our price objective was increased 150% last March due to higher energy prices and improved company fundamentals. On March 24th, we raised our P.O. on the shares of IPOOF to $1.50 from $0.60 ($2.00 from $0.45 for the shares of IPO.TO). The increase reflected higher near-term oil prices, lower basin differentials, a better currency exchange rate, decreased operating cost assumptions, improved free cash flow generation and the ability to pay down debt, growth in the company's proved reserve position, and a shift in valuation metrics with the passing of 2020.
Since that time, energy prices have moved even higher. WTI spot prices have risen to approximately $66.50/BBL from $58.56/BBL on March 24th. Western Canada Select (WCS) prices have also risen and now trade near $53/BBL (C$64.60). A $13 differential compares favorably to a differential near $17 at this time last year. Natural gas spot prices are also higher, reaching a current price near $2.95/mcf ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.