Africa Oil initiated with a Buy at Stifel

Stifel initiated coverage of Africa Oil with a Buy rating and C$3.50 price target. Africa Oil is a leading international exploration and production company with a portfolio of “high-quality, cash-generative producing assets, plus an indirect stake in the potentially world-class Venus discovery,” the analyst tells investors in a research note. The firm says the recent deal to acquire the remaining interest in Prime is a “truly transformational deal.”