Thursday tips round-up: Tullow, Antofagasta, Costain

Tullow Oil claims 741 million barrels in proven and probable reserves. Adding a very conservative 200 million for the extra potential in Ghana and Uganda gives one billion barrels, which the stock market is currently valuing at $14.5 per barrel. About right, given the Africa risk, but if Tullow does a good deal over half of Uganda, expect some fireworks, says the Times.The shares have come back strongly since relaxing with the wider market in the fourth quarter, says the Independent. It thinks there's more to come, so has the shares as a 'buy'.Antofagasta was cautious about the outlook yesterday and hinted that its costs were rising because of energy prices and a stronger peso. The copper miner plans to boost output from 500,000 tonnes of copper to 70,000 tonnes by 2011. More output for the market to absorb, and there are other miners investing. High enough thinks the Times.The Independent says Antofagasta is well positioned in the long term. But, with the commodity markets bedevilled by a lack of clarity regarding the trend in China, and traders still nervous about the world economy, the share price appears vulnerable. It suggests investors buy if they trade sharply lower, although its core recommendation is to hold.Costain is closing its final-salary pension scheme, blaming "disproportionate risks and costs". But the question for the shareholder is whether the risks in the wider construction market remain disproportionate to the potential rewards in a Costain share. The company is trying to focus on sustainable public or utility projects and it is the right strategy, but it is all about surviving the coming crunch. Avoid, advises the Times.Once the economic recovery takes hold, the Telegraph expects the share price of Gem Diamonds, which owns the Letseng Mine in Lesotho, to recover too, although investors should not expect large gains in a short period of time. In Letseng, Gem owns arguably the best diamond asset in the world. The shares are an excellent play on a recovery in the diamond market and the paper's stance remains 'buy'.Paddy Power's shares are hardly cheap. They trade on 17 times Collins Stewart's forecast of next year's earnings, yielding 2.8 per cent. Paddy Power deserves a premium to the sector as a proven growth story and looks to be very well positioned. But at that sort of level, the shares are probably high enough. So the independent says hold.The Telegraph keeps James Fisher as a 'buy' because of the group's high-margin specialist businesses and its leverage to a cyclical upturn through its shipping operations. Once the recovery starts in Europe and the UK, the group, whose technical division runs submarine rescue services and nuclear decommissioning operations, should benefit from increasing activity. Buy says the paper.Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.