Kosmos Energy +2% following RBC upgrade, citing upbeat BP comments

|About: Kosmos Energy (KOS)|By:, SA News Editor

Kosmos Energy (KOS +2.4%) is higher after RBC Capital upgrades shares to Outperform from Sector Perform with a $10 price target, raised from $7, citing higher crude oil prices and recent upbeat comments from BP, the company's partnerand operator in the Tortue gas development.

RBC's Al Stanton expects KOS’s balance sheet to benefit in the coming months from a number of factors including higher oil prices, the resolution of issues at the Jubilee field and a full year’s contribution from the Ceiba and Okume fields.

BP recently made positive comments on the Tortue operation that Stanton says led him to bring his projections more in line with the companies’ guidance, adding that investors should watch BP’s Q2 earnings report on July 31 for more details.

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