CIBC Lifts PT On Angle Energy To $11
Thursday, December 15, 2021 2:47 PM

CIBC World Markets Inc. raised its price target on Angle Energy Inc. (TSX: NGL.TO) to $11.00 from $10.25, saying results from Cardium well at Harmattan were "impressive".

"Angle's step-out horizontal Cardium well at Harmattan, frac'd using slick water, tested an impressive 1,200 Bbls/d over the first week and 665 Boe/d (93% oil) over two weeks, " CIBC analyst Adam Gill said in a note. Current production is 665 Boe/d (93% oil).

Gill said he surmises that this well could be a top-decile Cardium well by peak IP.

The stock is trading 0.64 percent higher at $6.30 on Thursday. The shares have been trading in the 52-week range between $5.27 and $10.54.