Weekend Edition: Target Prices Updated for Hyperion Exploration, Pinecrest Energy and TriOil Resources

On October 19, ??based on a revised commodity deck?? price assumptions (WTI oil price forecast for 2012 lowered from $92.50 to $85.00 per barrel) Cannacord updated its target prices for the Junior, Intermediate and International E&P group by an average -10%, -11% and -7%, respectively . Among the juniors are 3 companies we are all too familiar with on this site so here’s a snapshot of the new recommendations and price targets:

Hyperion Exploration (SPECULATIVE BUY, C$2.00 Target)
Hyperion HYX.V 0.215 [0.00] is set to release its Q3/11 results before market on November 24, 2011. Our Hyperion target price has been revised lower to C$2.00 from the prior C$2.25 and remains based on a 5.5x 2012E EV/DACF multiple.

Pinecrest Energy (BUY, C$5.25 Target)
Pinecrest PRY.V 0.145 [-0.005] will be releasing Q3/11 results after market on November 8, 2011. Our target price has been revised lower to C$5.25 from the prior C$6.25 and remains based on a 6.5x 2012E EV/DACF multiple supplemented by risked Slave Point upside.

TriOil Resources (SPECULATIVE BUY, C$3.75 Target)
TriOil TOL.V 0.00 [N/A] is due to report its Q3/11 financials on November 23, 2011 after the market close. Our TriOil target price has been revised lower to C$3.75 from the prior C$4.85 and remains based on a 5.0x 2012E EV/DACF multiple supplemented by $1.26 of risked Cardium upside.

The report obviously covers several companies, this was only a snapshot. If you want a copy of this report shoot me an email or just ask about the company you’re interested in.

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Have a Great Weekend!