Canaccord Genuity reportedly hikes its price target for Twin Butte Energy by 20c, maintains Buy rating
Canaccord Genuity reportedly hiked its price target for Twin Butte Energy Ltd. (TBE.TO) by 20 cents to $2.30 and maintained a Buy rating. TBE is unchanged at $1.91 now having earlier touched a day high $1.98, shy of an existing year high $1.99.
"Twin Butte Energy has acquired $19-million worth of assets, primarily in the Frog Lake area of Alberta, which will provide the company with six to 12 more months of prospective primary heavy oil drilling locations," Canaccord Genuity analyst Steve Toth reportedly said. Twin Butte has increased its 2011 capital budget by $5 million to $55 million as a result of the acquisition and will drill an additional 10 Frog Lake wells next year, he added.
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