Sp4 Jan 2024 10:16
Share_Talk ™
@Share_Talk
SP Angel, a City broker, maintains a 'buy' recommendation for @UnionJackOilplc
and suggests a target price of 66p per share, a notable increase from the early 2024 price of around 20p. Analyst David Mirzai highlights #UJO's leading role in the Wressle field in Lincolnshire, noting its portfolio of oil and gas production generates significant free cash flow for reinvestment and dividends for shareholders.
Union Jack recently announced a major resource upgrade at Wressle, in collaboration with Europa Oil & Gas and Egdon Resources. Mirzai emphasizes that Wressle’s production over the past two years has significantly improved Union Jack’s financial standing.
He anticipates the company will continue generating substantial cash, potentially leading to shareholder returns through buybacks or special dividends, and further investment in its portfolio.
How many times have Angel ramped this , not once have they been right , bear in mind they are the NOMAD