Hartleys Research maintained a “buy" recommendation on Otto Energy and raised its price target to 18¢ a share from 15¢.
“We expect OEL to be debt free when the June quarterly is released in mid-July. The Galoc field continues to generate significant cash flow which should see OEL with $20 million net cash by the end of FY14.
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Elise Shaw writes on Markets specialising in Equity Markets, Commodities, Mining. Based in our Sydney newsroom, Elise has over 25 years experience as a finance and markets journalist and editor. Connect with Elise on Twitter.
