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Mart Resources Inc.

TICKER: MMT:TSX.V

Mart Resources Inc. is an international oil and gas company focused on production and development opportunities in low-risk, high-reward proven but undeveloped oil and gas fields in Africa. Mart is developing its core strategic asset, the Umusadege field, in partnership with Midwestern Oil and Gas and Suntrust Oil. Daily production rates in excess of 12 Mboe/d.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/11/14) "Mart Resources Inc. is quite optimistic about the new pipeline to be completed in Q2/14. It is looking to start commissioning it from July-August. With the pending horizontal well, the company can easily increase production to 30–35 Mbbl by the end of Q3/14. The next few months will be critical for Mart, I hope it will pull this off."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/3/14) "Mart Resources Inc. graduated to the Toronto Stock Exchange this week! I am so glad to see one of my favorites grown up."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (3/27/14) "Looking into the summer, I see Mart Resources Inc. has extremely important milestones coming."

Amin Haque, MGI Securities (2/28/14) "We believe Mart Resources Inc. is poised to emerge as a successful midcap Nigeria-focused crude producer in 2014. . .we maintain our Buy rating on the company and our 12-month target price of CA$2. . .[the] current level of production and cash flow do not accurately represent the potential of Mart."

The Energy Report Interview with Justin Anderson (2/27/14) "[Mart Resources Inc.'s Umugini pipeline] should be completed midyear 2014. I think people appreciate that the company needs the pipeline to make the operation more robust. That is probably reflected in the stock. I don't actually see a huge potential from the pipeline completion alone. I think the more important thing will be production. If everything goes perfectly, the pipeline gets commissioned, production goes past 20,000 barrels/day through the line and the losses are cut to under 10% or 5%, that would be a positive thing for the stock, there's no question. It's certainly a possible scenario. . .it is encouraging see recent news that it's talking to the government and establishing a committee to review the losses. Just having two export options will be a good thing for the company." More >

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Chen Lin, What Is Chen Buying? What Is Chen Selling? (2/13/14) "Mart Resources Inc. is making good progress on the new pipeline and it is still on schedule to complete it in H1/14. The new pipeline will be the key milestone for the company as the export-route loss is much less (single digit losses were reported recently), and Mart can also more than double its capacity."

The Energy Report Interview with Chen Lin (2/6/14) "2014 will be a very important year for Mart Resources Inc. It is planning to build a new—reduced flow loss—pipeline that can more than double its exportable capacity. When that happens, there will be a huge jump for Mart's stock, a windfall cash flow, and potentially an increased dividend. It already pays a 17%/year dividend, so look for a double-digit dividend or even greater. We have been collecting the dividend now, while waiting for Mart to complete the new pipeline. Mart has two Nigerian companies as its partners, which is good. You want local companies to be your face in Nigeria." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (1/22/14) "The key for Mart Resources Inc. for 2014 is the new pipeline, expected by the end of H1/14. Though the pipeline schedule has been delayed for a few times, I am sticking with the management on this one. The recent dispute with Agip Oil Co. should help Mart's financial situation for the next a few months since Mart will get paid in full. In the meantime, the company should be able to get TSX and London listings in 2014 that will increase its exposure. The company is also looking for new marginal fields and other opportunities in Nigeria."

SmallCapPower Interview with Keith Schaefer (1/8/14) "Some of these international plays hit mighty big wells. . .Mart Resources Inc. in Africa had a great property and even with 350 million shares out, it was able to bring on enough production to get the stock from $0.15 to $2."

Jay Taylor's Gold, Energy & Tech Stocks (12/13/13) "Mart has been a stellar performer. It is up 127% since I first picked it up and it is paying a $0.20 annual dividend, which is 28.2% yield on our initial recommendation at $0.71. . .Mart [is one of] Chen Lin's favorites and mine too."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/22/13) "Mart Resources Inc. is exploding lately. . .I have believed in the company for a long time and I have been recommending it in my letter as well as to anyone I talked to recently. My advice was falling into deaf ears. Now it finally goes up but has a lot more to go."

The Energy Report Interview with Amin Haque (11/21/13) "Mart Resources Inc.'s new pipeline was proposed quite a while ago. The company's initial guidance said the pipeline should be in commission by late 2013, which has not happened. In its latest press releases, Mart indicates that the pipeline could be delayed until H1/14. It has, however, made progress in building the pipeline, and remains optimistic. Mart should be able to complete it next year, but it still has challenges to address, which will take time. . .bringing an alternative pipeline online will seriously decrease losses [and] allow it to produce more, to generate more cash, and at the end of the day, increase its dividend. . .there are other producers in the same region who are partnering with Mart to construct the pipeline, including a small producer named Energia. Energia's partner is Oando Energy Resources. Mart also has two other indigenous partners in its Umusadege oil field." More >

Amin Haque, MGI Securities (11/20/13) "We maintain our Buy rating and our target price of $2 on Mart Resources Inc., expecting realization of the anticipated production growth in mid-2014. There could be further upside if the company manages to acquire new assets in the upcoming Nigerian marginal fields round."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/12/13) "Mart Resources Inc. got hit again this morning because of the 28% loss of the pipeline in September. Though I am not happy about the losses, the company's own production is quite solid. I believe that if the loss can be controlled at around 20–30% or less, the dividend is solid. I am collecting dividends and waiting for the new pipeline."

The Metals Report Interview with Steve Palmer (11/12/13) "I look for companies with more growth potential, such as Mart Resources Inc. in Nigeria. Mart is getting very significant results at the wellhead. Its stock is currently depressed, because it reached its pipeline capacity. But in 2014, the company plans to access a new pipeline constructed by Royal Dutch Shell." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/1/13) "I still believe Mart Resources Inc. is a very attractive stock for 2014, especially after the recent selloff. Mart just needs to deliver the new pipeline."

Amin Haque, MGI Securities (10/31/13) "We maintain our Buy rating on Mart Resources Inc. . .the company maintains its potential for substantial production growth. . .because of the substantial bank line in place, Mart is not in any immediate liquidity risk that could force it to reduce dividend or hold back capital spending."

The Energy Report Interview with Chen Lin (10/31/13) "If you look at the long-term performance, probably Mart Resources Inc. was still my best performer. I got it at $0.15. I think I told my subscribers it would become one of my largest positions. It's over a dollar now. Consider how much dividend that's paid. You get all the money back if not more. Mart is going to build its own pipeline for its Nigerian oil field because the current pipeline is poorly maintained, and the stock suffered because the pipeline loss recently was as high as 20–25%. People were concerned so much oil was stolen. However, when Mart builds its own pipeline, which the company expects to do in H1/14, then it can improve oil production and move to a much better maintained pipeline with much less loss. That will be a major catalyst.

"Again, it's a Nigerian company. A lot of people have doubts about a Nigerian company. Sometimes people need to see the pipelines built before investing in the stock. You need some patience. They're paying about $0.20/ year dividend. I just received my recent quarterly dividend. You keep getting paid while waiting. . .hopefully when the new pipeline starts, the new route from the Shell exit facility, we will see a very different company. Then Mart will triple production, so you will see much larger production, more cash flow and potential increase of dividend, which is already very high. . .2014 could be a banner year for the company, with huge cash flow coming in. The stock should be a multiple of the current price." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/15/13) "I continue like Mart Resouces Inc.; I believe the dividend is secure and management is determined to keep it. . .the major breakthrough for the company will be when the new pipeline is ready; right now it is scheduled for H1/14."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/10/13) "Mart Resources Inc. got hit hard today. . .but the story is not changed. Some investors didn't like the 20–25% loss. My understanding is that it changes every quarter. Next quarter could be better as the entire Nigerian oil industry, as well as government, are asking why. Mart's dividend is safe and I am happy to collect it until the new pipeline is built."

Douglas Ehrman, Seeking Alpha (9/30/13) "Mart Resources Inc. recently reported positive operating results, an aggressive $0.05/share quarterly dividend and increased visibility on the operational environment in Nigeria. Despite what some see as a questionable geopolitical environment, Nigeria remains the largest oil and gas reserve in sub-Saharan Africa, as well as one of the highest quality sources of oil available. . .the aggressive dividend goes a long way to mitigating risk in the region, and with significant upside potential, understanding the Nigerian question is worth the effort."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/18/13) "Personally I believe Mart Resources Inc.'s dividend is secure with even with the 20–25% pipeline losses. The company's future is bright, with new pipeline getting close to completion. The target for completion is Q1/14."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/17/13) "Mart Resources Inc. actually is going to make over $100M in free cash flow per year when the Agip pipeline is up, despite the theft and all the difficulties in Nigeria. The company will likely triple or quadruple its free cash flow next year when the new pipeline is up. By that time its free cash flow will be close to its current market cap."

Amin Haque, MGI Securities (8/16/13) "Mart Resources Inc. is a participant in the Umusadege field, one of the most successful marginal fields in Nigeria. . .we are initiating coverage of the company with a Buy rating. . .Mart shares provide an attractive 57% price return and a 14% dividend yield for a total return of 71%, and offers an ideal choice for investors looking for an oil-focused, low-exploration-risk international E&P investment. . .we expect the pipeline constraints to be removed and Mart to make progress in acquiring additional assets by the end of 2013. . .we believe the current price is an excellent entry point for investors."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/13/13) "Mart Resources Inc.'s second pipeline got delayed till Q1/14. What can I say, it is Nigeria, everything is slow there. But I am glad to see the oil is still flowing nicely and the dividend should be secure until the second pipeline is built."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/15/13) "Mart Resources Inc. just released nice numbers for the month of June. Everything seems to be coming back to normal. We are waiting for the new pipeline news, hopefully everything is on time."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/10/13) "Energy prices are moving up, which is nice for my energy stocks. Mart Resources Inc. is rebounding nicely. . .and is projected to finish the new pipeline this quarter."

The Energy Report Interview with Chen Lin (6/25/13) "My favorite is still Mart Resources Inc. It's doing very well and paying about a 14% dividend. We can see production at least triple later this year when the new pipeline is built, which it expects in Q3/13. It could be delayed a month or two, which is normal in Nigeria. My plan is just to hold onto my shares, collect the dividend and wait. It's one of the few stocks that you're getting paid on while waiting for it to turn around. The stock has actually declined along with many of the energy stocks. It was over $2 at one point in January. Now it's $1.50, but the good thing is the dividend rate is going much higher because it's paying a $0.20/year dividend." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/20/13) "Mart Resources Inc. jumped nicely yesterday despite the market dropping 200+ points. . .Mart's movement is likely due to its successful presentation at the HK Standard Chartered conference the night before. . .Mart presented right after Royal Dutch Shell, what great exposure!; I am pleased to see it started to make an impact to the stock price. Mart is a great story, we just need to speak out and let more investors to know/understand it."

Value Digger, Seeking Alpha (6/3/13) "Mart Resources Inc. is preparing to spud the UMU-11 well, continuing Umusadege field development. Will the history repeat itself? Assuming the UMU-11 well is as successful as UMU-9 and UMU-10 wells, the share price can rise substantially from the current levels."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/29/13) "I am holding tight onto Mart Resources Inc. . .[it has] a strong balance sheet, is a low-cost producer and should do well if we have volatility in the oil price."

Chen Lin, What is Chen Buying? What is Chen Selling? (5/16/13) "Mart Resources Inc. is paying a ~14% dividend at the current price, which is secure. It has a major pipeline expansion slated for Q3/13 that could triple its oil production, which will likely lead to a higher dividend next year."

Western Investor, Seeking Alpha (5/8/13) "A significant number of positive catalysts are likely to push Mart Resources Inc. to new highs this year. . .production at the onshore field started in 2008 and has consistently increased ever since. . .Mart has also developed a substantial reserve base that has been consistently increasing. . .even after the recent pullback the stock is up about 40% over the last year and nearly 230% over a two-year period. On top of this, shareholders have received $0.25 in dividends within a one-year period. . .management has consistently created shareholder value and demonstrated its willingness to return capital to shareholders."

Fiona MacDonald, Proactive Investors (4/30/13) "Mart Resources Inc. announced that production from its Umusadege field in Nigeria has resumed following the completion of pipeline maintenance and repairs. . .the Umusadege oil field, an onshore oil and gas field located in the North Central area of the Niger Delta basin, contains 13 known reservoirs and substantial hydrocarbon reserves potential, according to data derived from 3-D seismic surveys and evaluations based on existing wells . . .news of the resumption in production saw company shares on the Toronto Stock Exchange up almost 4%."

Amin Haque, Stonecap Securities (4/23/13) "Mart Resources Inc. is expected to release its FY 2012 results today; we do not expect any surprises given that Mart regularly provides mid-quarter operational updates. For 2012, our estimates are average production of ~5,150 bbl/d (4,941 bbl/d in 2011) from average field production of 7,900 bbl/d. . .cash flow per share of $0.29 ($0.15 in 2011). . . during 2012, Mart received the benefit of the Umu-6, 7 and 8 wells completed in 2011 and Umu-9 well completed in 2012; Umu-9 was an excellent well, flowing a total of 11,718 bbl/d from five sands."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/23/13) "Mart Resources Inc. should have secured dividends coming for a long time. The company is an ultra low cost producer and the margin should have be quite stable even with some drop in the oil price. . .it is a solid stock in the energy space with little downside left, I believe."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/18/13) "Mart Resources Inc.'s pipeline is working again. The stock jumped nicely this morning. . .the company's dividend should be secure and we are looking for a huge jump in production when the new pipeline is ready."

Amin Haque, Stonecap Securities (4/16/13) "We expect production and reserves to significantly improve toward the end of 2013. . .despite current operational challenges, production growth and pipeline access in H2/13 portend excellent growth in production and cash flow."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/15/13) "Mart Resources Inc. will get paid for March as if it shipped 320 MMbbl oil in March (10 Kbpd); it will receive the money in April as usual and it can pay the oil back interest free when the pipeline is back in operation. As I said many times (this is what happened two years ago), the company can still get paid when the pipeline is interrupted."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/3/13) "I hope Mart Resources Inc. will get the AGP pipeline back online, which should lead to positive stock performance. . .the company is very unique because its wells showed very little decline in the past 4–5 years of production. . .it spends up to $10M to drill a well, which so far seems to run forever (unlike fracked wells in North America). . .the return of capital is unbelievable."

The Energy Report Interview with Amin Haque (3/28/13) "Mart Resources Inc. has enough cash to pay dividends and complete its 2013 development program, which is going on full swing. It recently shared some news about its 10th well, UMU-10. It also plans to drill three or four wells during the rest of 2013 so that by the time the alternative pipeline is ready, there should be enough production to take advantage of the extra pipeline capacity. So far, things seem to be going well on the development front. . .one [source of upside potential] is higher production from the current field. Second, there's the plan to drill an exploration well either on the eastern or the western flank of the current field. If it makes a discovery, that would be very encouraging. Third, with increased production, Mart would have a large cash position, which it can use to acquire new assets. We keep hearing about the next marginal field bid round in Nigeria. Mart would be in a good position to take advantage of a new bid round." More >

Amin Haque, Stonecap Securities (3/27/13) "Mart Resources Inc. announced the availability of a $100M term loan from a Nigerian bank. While the company has enough cash to meet dividend payments and fund its capex plan, this term loan provides it with added flexibility."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (3/26/13) "Mart Resources Inc.'s pipeline is not a major issue to me. . .I said many times before, the best time to buy Mart shares in the past years has always been in time of pipeline 'crisis.' This morning, the company announced it is getting a $100M loan to accelerate the field development. I like the idea to have as much capacity as possible so when the new pipeline is built, the company will be able to get a huge production jump as well as cash flow jump. . .Mart has been one of the top three performers on my watch list in the past 2–3 years."

Amin Haque, Stonecap Securities (3/12/13) "Mart Resources Inc. provided operational updates on the production and development activities in its Umusadege field. . .an ambitious development program is underway to maximize production before availability of a new pipeline in July 2013. . .we expect production and reserves to significantly improve toward the end of 2013. . .the company should be able fund its dividend payments and a $70–$80M capex plan in 2013 through a combination of cash flow from operations and an estimated ~$55M in cash."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (3/11/13) "Mart Resources Inc. announced more UMU 10 results; 3,076 bbl/d is not as high as some other wells but these are new zones. Most important, the company is making good progress on the new pipeline."

Garett Ursu, Cormark Securities (3/4/13) "With a strong balance sheet, $0.20 dividend and expected growth, Mart Resources Inc. should appeal to value, growth and income investors alike. . .we continue to view Mart as one of the most attractive names in our universe with material catalysts expected near term. . .and we reiterate our Top Pick rating."

Amin Haque, Stonecap Securities (3/1/13) "Mart Resources Inc. continues to make advances toward diversifying its oil transportation options; a feeder pipeline under construction with a 35,000 bbl/d capacity would connect Mart's OML 56 to Shell's Eriemu manifold, from where the crude would be taken into the trunk-line to Shell's Forcados facility. While one of the two necessary agreements with pipeline operators is pending completion, Mart and its partners continue to advance the project; we expect the signing of the agreement to and the construction of the pipeline to complete in time to accommodate the higher production from the field in Q3/13."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (2/20/13) "Recently Mart Resources Inc. has been going up like crazy. This really stands out, as energy juniors have been weak so far this year, especially those in the North America. . .the company should have significant news coming. . .and should get a huge boost of the new pipeline this year. . .the stock is on a huge run lately, but considering the recent drill successes and potential dividend increases, I think it still has room to go higher."

Amin Haque, Stonecap Securities (2/7/13) "Mart Resources Inc. started 2013 on strong financial footing. A number of events are expected to drive the production and reserve growth of the company. . .with $54.5M cash at the end of Q3/12, Mart is expected to start its 2013 development program with a strong balance sheet and maintain its dividend payment. We believe the company is fully capable of meeting a $70–80M capex requirement for its growth plan with current cash balance and future operating cash flow."

The Energy Report Interview with Chen Lin (1/17/13) "I was heavily invested in Mart Resources Inc. the end of 2011. I will continue to be bullish on [the] stock and [it] continues to be [on of] my heavy holdings. We will likely see dramatic increases in Mart's production when it finally builds out its pipeline. Oil production could easily double, if not triple, after the pipeline is built, so I expect the dividend increase to follow. Right now it's paying about a 13% dividend. I would expect to see a much higher dividend after the new pipeline goes in. . .it paid $0.20 in total dividends in 2012 and it's been a big winner. I started buying the stock at $0.15–0.16. I expect the dividend should be relatively stable because the cash flow is just incredible. . .the stock has a very bright future. China recently made an acquisition in Nigeria paying about $23/bbl oil, so you can see that the upside is very significant. Most recently, Mart announced initial results for the UMU10 well. These new discoveries at deeper zones will not only increase the reserve and production, it may even carry an additional tax holiday that can be very beneficial to Mart shareholders." More >

Nathan Kirykos, The Motley Fool (1/14/13) "Mart Resources Inc. is a company that has catalysts that you cannot afford to overlook. . .the company is currently working on a second independent 50-km pipeline as an alternative to the current one-and-only pipeline. . .once the installation of the new pipeline is completed, it will be an infrastructure catalyst for Mart, allowing it to gain access to Royal Dutch Shell Plc's export facilities."

Garett Ursu, Cormark Securities (1/10/13) "We continue to view Mart Resources Inc. as one of the most attractive names in our universe with further material catalysts expected near term. Trading at 4x 2013 EV/DACF with a 10.9% yield and strong balance sheet, the company should appeal to every investor class. We reiterate our Top Pick rating and increase our target price to $2.75 from $2.50."

Jay Taylor, Hotline (12/28/12) "I believe there are some highly undervalued companies in the energy sector that can grow dramatically. . .Mart Resources Inc. is paying a dividend in excess of 11%. . .I believe that this company's earnings and hence its dividends are likely to rise significantly as more wells are being drilled and more pipeline capacity is in the works."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/27/12) "Mart Resources Inc. finally got its pipeline flowing again. Great news, now we are focusing on UMU10 results and the new Shell pipeline. 2013 looks bright for Mart."

Jay Taylor, Gold, Energy & Tech Stocks (12/20/12) "With Mart Resources Inc. making money hand over fist, its working capital position is strong, even as it continues to aggressively explore and develop its oil reserves. This has been a winner for me. . .it has a great chance to move higher, in my view, given expected pipeline capacity, and it continues to report success in its drilling. This could very well be a takeover target by the Chinese at some point in time, which could result in a considerable capital gain especially if its resource and pipeline expansion grow to anticipated levels. If you are looking for a growth story with good income, Mart looks attractive, though of course you must be willing to accept Nigerian political risk."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/20/12) "Mart Resources Inc. should have the new pipeline ready by midyear, according to a recent management interview. . .we could see rapid increase in its production and potential for more dividends. . .right now we are patiently waiting for AGIP to fix the pipeline. The Q4/12 results could be weak, but it is only temporary."

Value Investor, Seeking Alpha (12/13/12) Mart Resources Inc. holds the Umusadege field, which is being developed in partnership with Midwestern and Suntrust Oil Companies; its UMU-9 well was drilled successfully and the share price rose more than 50% in early 2012. . .Mart is debt free, it has a decent cash flow on a quarterly basis and it initiated a quarterly dividend of $0.05/share in July 2012. To diversify and avoid future operating disruptions, the company is also working on a second pipeline. . .the results from its recent UMU-10 well are also supporting the dividend sustainability as the rig encountered 479 foot gross hydrocarbon pay in 20 sands."

Amin Haque, Stonecap Securities (12/12/12) "With $54.5M in cash at the end of Q3/12, Mart Resources Inc. is expected to start its 2013 development program with a strong balance sheet and maintain its dividend payment. . .we maintain an Outperform rating."

Garett Ursu, Cormark Securities (12/12/12) "It has been reported repairs on the Kwale-Akri export pipeline used by Mart Resources Inc. would require an additional two weeks; while Q4/12 production will be materially and negatively impacted by the extended outage on the Kwale-Akri line and force majeure at Brass River, our strong positive thesis on the company remains unchanged. . .we remain confident in the company's long-term potential and continue to believe Mart represents one of the most attractive names in our international E&P universe. The current stock price provides investors with a short-term, limited opportunity to build or increase a position before production and cash flow increase materially next year."

The Energy Report Interview with Amin Haque (12/6/12) "Mart Resources Inc. has been in West Africa for quite some time, but its latest success was due to its use of 3-D seismic data that was acquired some 15 years ago. It then used new technology to reinterpret it and the company found success. Only recently, the institutional investors have been paying some attention to Mart. In June, the company declared a very generous dividend payment to its shareholders of $0.05 per quarter. . .when management declared this dividend, it made a strong statement about its commitment to return of capital to the shareholders. Although it was a one-time special dividend, management spoke of continuing special dividends in times of good cash flow. . .Mart has a large stash of cash it can use to pay the dividend as well as continue its development program. In the future, it expects to increase oil sales with the help of a second pipeline, at which point a $0.05 quarterly dividend should not be a big challenge." More >

Amin Haque, Stonegate Securities (11/27/12) "In its operational update, Mart Resources Inc. stated that it had encouraging results from its Umu-10 well. With three development wells planned for 2013, we expect average production in the field to exceed 16 Mbbl/d, with the company's entitlement production averaging ~65%. . .we maintain our Outperform rating and our target price of $2.50."

Garett Ursu, Cormark Securities (11/27/12) "With a strong balance sheet, $0.20 dividend and expected growth, Mart Resources Inc. should appeal to value, growth and income investors alike. . .we continue to view Mart as one of the most attractive names in our universe with material catalysts expected near term. . .and significant growth expected in 2013. . .we reiterate our Top Pick rating and $2.50 target."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/26/12) "Mart Resources Inc. reported nice earnings for Q3/12, cash flow of $0.13, and income of $0.06. . .its $0.05 quarterly dividend is well supported. . .the next news items to look for are the Royal Dutch Shell Plc agreement and potential new marginal fields acquired, as the Nigerian government is going to host bids for a new round of marginal fields."

Garett Ursu, Cormark Securities (11/16/12) "Mart Resources Inc.'s Umusadege field volumes averaged 10,217 bbl/d in October due to six days of outages in the month while pipeline growth losses in September were reported at 11.6% (a material decrease from 18% in Q2/12). . .a pipeline deal with Shell and results from UMU-10 remain material potential positive catalysts near term. . .we continue to view Mart as one of the most attractive names in our universe with material catalysts expected near term. We believe the current shut-in provides investors with a unique and temporary opportunity to acquire the company's stock at very attractive metrics, especially given its 13.3% yield."

Garett Ursu, Cormark Securities (11/6/12) "Mart Resources Inc. provides unique exposure to an established light oil field onshore Nigeria expected to drive low-risk production, cash flow and reserves growth in the near term. With a strong balance sheet, $0.20 dividend and expected growth, the company should appeal to value, growth and income investors alike. . .with a pipeline deal with Shell and UMU-10 results expected near term, we continue to view Mart as one of the most attractive names in our universe—we are maintaining our Top Pick rating and $2.50 target price."

Amin Haque, Stonecap Securities (11/2/12) "We are initiating coverage on Mart Resources Inc. with an Outperform rating and a one-year target price of $2.50. . .we believe the company has a number of advantages over its peers in capitalizing on the opportunities in Nigeria. . .Mart has a very strong in-country management team. . .the company is well positioned for production growth through further development drilling."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/18/12) "Mart Resources Inc. just gave a presentation at the Canaccord conference. . .it was quite positive; as you can see, its share price is close to a new 52-week high. This is particularly impressive considering the company already paid $.015 in dividends. . .Mart Resources has had tremendous success throughout the past few years."

Garett Ursu, Cormark Securities (10/12/12) "Mart Resources Inc.'s Nigeria production averaged 12,131 bblpd in August and 11,303 bblpd in September. . .with production recovering materially from Q2/12 and a pipeline deal with Royal Dutch Shell Plc and UMU-10 results expected near term, we continue to view Mart Resources as one of the most attractive names in our universe. We are maintaining our Top Pick rating and $2.50 target price on the stock."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/11/12) "Mart Resources Inc. just released September numbers, and they look pretty good to me. . .the company has a very strong balance sheet and its dividends are secure. We are waiting for the new pipeline to double, triple or quadruple its production."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/1/12) "The real movement for Mart Resources Inc. could come later in 2013, when it is getting close to finishing the new pipeline. In the meantime, we are getting paid to wait. The next dividend should show up in [shareholder's] accounts this week."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/24/12) "Mart Resources Inc. has huge cash flow and is paying big dividends. . .the drilling results of UMU10, UMU11, etc. should provide some excitement. The company hasn't failed a single well since I've owned the stock."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/18/12) "I added a few shares of Mart Resources Inc. . .I can collect the 13+% dividend. The stock may be a little boring until the company builds the pipeline, but there is very limited downside here with a huge dividend every quarter. . .my view of Mart is it will become a relative stable stock that attracts a different class of investors; it would be a good place to park my profits. . .the coming news could be the UMU10, which may move the stock."

Garett Ursu, Cormark Securities (8/30/12) "Our overall thesis on Mart Resources Inc. is unchanged and we are maintaining our Buy rating and $2.50 target price. We view the current weakness in the stock as an attractive buying opportunity for investors given the company's unique growth profile in Nigeria and 13.5% yield."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/18/12) "Mart Resources Inc. received its first ever coverage from a major house in Canada last week. It is a Buy recommendation from Cormark with $2.50 target. I am very glad that our little Mart finally got some recognition and respect. I believe we will get more to come as Mart continues to execute."

Garett Ursu, Cormark Securities (7/13/12) "Compelling on any metric, Mart Resources Inc. reaps the benefits of Umasadege field performance. . .we are initiating coverage with a Buy rating. . .the company provides investors with unique exposure to an established crude oil field onshore in Nigeria that has enjoyed considerable operational success and is expected to drive low-risk production, cash flow and reserves growth through 2012 and 2013. . .Mart Resources currently boasts some of the most attractive valuation metrics among any companies in our universe."

The Energy Report Interview with Chen Lin (7/12/12) "My portfolio is up nicely again this quarter, thanks largely to nice appreciations in some of my top positions, including Mart Resources Inc. . .I am glad Mart started to move up with positive news. However, it's still extremely cheap. Mart is still paying a double-digit sustainable dividend with possible increases in the next 12 months. . .It looks like the company is going to pay a 10c dividend in July and followed by 5c-per-quarter regular dividend. . .Mart is looking for other assets in Nigeria. However, the Umusadege field is generating huge after-tax cash flow and the capital requirements for other new assets are not high. Mart is still accumulating a lot of cash even after the double-digit dividend payouts. Plus, it is expecting to double or triple cash flow after a new pipeline is built, supposedly sometime next year. I wouldn't be surprised to see higher and higher dividends in the next year or so. . .[With its new pipeline deal with Royal Dutch Shell], it can double, triple even quadruple current production, which will leave room for significant dividend increases down the road. Personally, it is still my largest position and I haven't sold a single share since its huge run-up after the dividend announcement." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/4/12) "From dividend yield, Mart Resources Inc. is still quite undervalued. From fundamentals like price/earnings and price/cash flow, the company is still quite undervalued. The problem of Mart is that it is not well known. . .this could change, as the company's market cap has already reached 500M, which is one of the key parameters brokerage houses are looking for. . .also, the company can continue to grow its production and potential dividends easily when the new pipeline is built. Even at the current production, Mart is still accumulating cash nicely after the dividend payout. . .I feel it has more room to go up."

Amin Haque, Stonecap Securities (7/3/12) "In anticipation of large production growth later this year, Mart Resources Inc.'s management has expanded its processing and storage facilities to 35 Mbbl/d from 21 Mbbl/d. A limiting factor for production growth has been the capacity constraint at the Agip pipeline used by Mart; this pipeline, shared by other producers in the area, is approaching capacity. . .to address this potential constraint, Mart is arranging access to an alternative pipeline operated by Shell. . .work is progressing at this pipeline, expected to be completed in one-year."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/29/12) "Mart Resources Inc. finally announced dividends. . .investors can choose to hide in bubbling U.S. government bonds, which yield about 1.4%, or invest in Mart Resources, which yields 10 times more. . .the company is still accumulating cash at a rapid pace. . .Mart Resources' stock exploded in the past week even with the rough market. I am continuing to hold Mart Resources and hoping for new highs to come."

Gediminas Jasionis, HotStocked.com (6/29/12) "Mart Resources Inc.'s stock price rallied after the company decided to pay out dividends. . .the company gained 27.6% on the news. . .Mart Resources has sound fundamentals for such a business type so the increase in share price likely won't go away quickly. . .the company published an update of reserve evaluations. . .Proven reserves increased by 24% to 13.9 MMbbl, Probable were raised 29% to 19.2 MMbbl and Possible gained 14% in volume, now calculated at 25 MMbbl."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/21/12) "Mart Resources Inc. should be very close to paying a nice dividend; the management mentioned it many times in the conferences and I believe they are sincere. . .I believe once management sorts the steps and legal documents out, dividends are coming; Mart is still trading at about two times after cash earnings; as a ultra-low cost producer, even if oil price drops to $40–50 (WTI), it can still afford to pay for the dividend. In addition, Mart just signed the pipeline deal with Shell; this will allow Mart to double production next year when it is built and increase potential dividends again."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/5/12) "Mart Resources Inc. didn't announce the dividend in the quarterly report. . .we checked with the management, and were told they were making good progress on it. I don't know exactly the timing of the dividend, but I am confident it is coming."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/15/12) "My key positions right now include Mart Resources Inc. . .a low-cost oil producer that welcomes $70–80 oil. The company's costs is a few dollars to ship the oil and the net back is very high. I estimated that should oil (WTI) drop from $100 to $70, Mart will likely have its monthly income drop from $15M after tax to $10M. It can still support a $0.20–30 dividend and grow its cash balance. As people keep a big pile of U.S. cash and collect zero interest, they will envy the potential big dividends from Mart."

The Energy Report Interview with Chen Lin (5/3/12) "My personal largest position is still Mart Resources Inc. I just went to the HiAlpha conference, where its CEO, Wade Cherwayko, was presenting. He told investors that Mart has over $60M in the bank and each month it is generating $15M in after-tax income (about CA$50/share in annual income). The company is about to pay dividends and is discussing dividend vs. share buyback. In the meantime, it is very close to announcing a deal with Royal Dutch Shell Plc to build a pipeline and triple its current production in a year. The investors I met at the conference were very excited about Mart's future, both near term and long term. . .next year, when Mart increases production to 30 Mbbl, 45 Mbbl and even higher, you can expect the earnings to double and triple again. Mart's market valuation will be higher than the current stock price." More >

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