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Broker tips: Tullow Oil, Imperial Energy, Paragon
Mon, 01 Dec, 2008
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Broker tips: Tullow Oil, Imperial Energy, Paragon
Wed, 27 Aug 2008, 09:57:00
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Related Market Prices
Name
Value
Percent
Change
Tullow Oil
477.50p
-8.61%
Imperial Energy Corporation
989.50p
-0.55%
Paragon Group Of Companies
40.00p
-0.00%
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KBC Peel Hunt has maintained its 'add' recommendation on <b>Tullow Oil</b> and lifted its estimates on the oil explorer and producer following the company's impressive interim results this morning.<br /><br />The broker said that oil price hedging - which would have prevented the company benefiting fully from the surge in prices - had a lower impact than expected.<br /><br />KBC Peel also noted that shares in Tullow have been affected by the recent decline in oil prices and the fact that its wells can occasionally disappoint.<br /><br />JP Morgan has maintained its 'neutral' stance on the Russia-focused oil producer <b>Imperial Energy</b>, saying that there is limited upside despite a recent offer for the company.<br /><br />The offer, which was made by Jarpeno, a subsidiary of India's Oil and Natural Gas Corporation (ONGC), at 1,250p a share, is only slightly above the 1,240p a share Imperial trades at now, the broker noted.<br /><br />However, JPM added that there is also limited downside to Imperial's share price.<br /><br />It also noted the possibility of bidding competition from China and of ONGC lifting its bid to 1,500p.<br /><br />KBC Peel Hunt has maintained its 'buy' recommendation on buy-to-let mortgage specialist <b>Paragon</b>, saying its loans are performing better than the market in general.<br /><br />"Investors should appreciate the fact that Paragon benefits from non-recourse financing arrangements with its bond investors, while it has full recourse to guarantees provided by its customers (the buy-to-let landlords)," the broker said.<br /><br />It keeps its 150p target price on Paragon. <br />
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