FinnCap has maintained its price target of 40p for oilfield support services specialist Enteq Technologies on signs of recovery in the US market
Improving orders should bode well for further progress from the oil drilling tech specialist in the US and other markets in the second half of this financial year, said the broker.
“Good progress on the development of its SABER technology was reported recently, with two new distributor agreements also signed which should boost business in international markets.
“The outlook highlights recovering markets with the improving US$2mln order book giving confidence the company can achieve FY expectations.”
FinnCap added its price target is based on a successful launch and roll-out of the SABER system, which has the opportunity to provide the group with a step change to growth.
Enteq shares were unchanged at 15.5p. valuing the business at GBP10.7mln.