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Dundee Securities Reiterates Neutral Rating and Target Price for RMP Energy

Financial services firm Dundee Securities recently reiterated its Neutral rating and C$2.40 target share price for oil and gas company RMP Energy (RMP:TSX). The oil and gas company announced that will raise $25 million by issuing common stock and flow through shares. Dundee based its reiteration of RMP's Neutral rating on its stock being fairly valued. RMP's target share price is based on a target value of 130 percent of P/NAV and a six times multiple of forward EV/DACF.

RMP Energy plans to issue 9.303 million common shares for C$2.15 per share, which will raise gross proceeds of $20 million. The oil and gas company will also sell 1.688 million common shares on a flow-through basis at C$2.37 for Canadian Development Expenses. RMP will issue as many as 388,000 common shares on a flow-through basis for C$2.58 for Canadian Exploration Expenses. In aggregate, these offerings should generate proceeds of C$5 million.

RMP Energy's stock opened at C$2.00 on September 22. The company's stock hit a 52-week high/low of $C2.82 and C$1.80, respectively.  



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