Pritchard Reiterates Buy on Harvest Natural Resources

Pritchard is out with its report today on Harvest Natural Resources (NYSE: HNR), reiterating Buy.

In a note to clients, Pritchard writes, "We are reiterating our $25 price target and ‘Buy' rating after the company reported that it found oil in a well off the coast of Gabon, West Africa. It encountered 55 ft of pay in a 90 ft.oil column interval at a depth of 9,953 ft in the Gamba formation at its Dussafu Ruche Marin-1 well. The company plans to deepen it and do more tests in order to determine the extent of the discovery. It has a 66.67% interest in the well. Currently, we attribute no value to Gabon in our $25 NAV/price target."

At the time of posting, shares of HNR were trading at $12.30, up 17.03% from Friday's close.