Roth/MKM Reiterates Buy Rating on Vaalco Energy (EGY)

Roth/MKM analyst John White reiterated a Buy rating and $8.00 price target on Vaalco Energy (NYSE: EGY).

The analyst comments "Our production estimate for 3Q 2024 increases from 20,589 BOE per day to 22,461 BOE per day, in line with recent guidance. As such, our estimates for 3Q 2024 EPS/CFPS/EBITDA improve from $0.12/$0.76/$76.6 million to $0.18/ $0.93/$93.3 million. Our production estimate for 4Q 2024 increases to 23,584 BOE per day, benefiting from additional drilling in Egypt. Our production estimate for 2025 drops to 19,736 BOE per day, due to the dry docking project for the FPSO, projected to be offline in 2025 in Côte d'Ivoire. This dip in our 2025 production estimate could be offset as EGY is currently finalizing locations and planning for the next drilling campaign at Etame, Gabon, that is expected to occur early in 2025."

For an analyst ratings summary and ratings history on Vaalco Energy click here. For more ratings news on Vaalco Energy click here.

Shares of Vaalco Energy closed at $6.51 yesterday.

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