$Colombia and Latin America - TXP Cormark initiates coverage $3:25 target - $Colombia and Latin America - InvestorVillage
$Colombia and Latin America
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Msg  12692 of 12735  at  9/24/2020 11:25:35 AM  by


TXP Cormark initiates coverage $3:25 target

Touchstone (TXP-T, $1.32) – Buy, 3.25 Target, Garett Ursu: We are initiating research coverage on Touchstone Exploration. Details: As detailed in our “Emerging Ideas” report from May 29th, Touchstone Exploration’s Ortoire block onshore Trinidad has already provided investors with impressive stock market gains and behind-pipe production that will increase corporate volumes exponentially over the next 3-12 months. Near-term activity should also continue to unlock material untapped resources with the Chinook-1 well (200 Bcf prospect) currently drilling, to be followed by the Cascadura Deep well (500 Bcf plus liquids) prior to year-end. An additional 21 exploration prospects have the potential to individually move the stock and boost future volumes. Based on our current 25 MBOE/d forecast and the attractive operating regime in Trinidad for natural gas (supply/demand, pricing, tax, regulatory, counterparty risk, economics, etc.) we believe Touchstone could generate ~$65 MM of free cash flow in 2022. With results expected shortly from the high-impact Chinook-1 exploration well, we believe Touchstone is a unique and timely E&P investment opportunity. Recommendation: We are initiating coverage on Touchstone Exploration with a Buy rating and C$3.25 target (3.0x 2022 EV/EBITDA). Not only is the company’s exploration upside not being valued in the market, but the company’s past success is also being heavily discounted given potential volume growth and free cash flow through 2022. – GU

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Msg # Subject Author Recs Date Posted
12693 Re: TXP Cormark initiates coverage $3:25 target Public_Heel 1 9/24/2020 10:30:37 PM

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