Canaccord Adams Reiterates a 'Buy' on ATP Oil & Gas (ATPG); Attractively Priced Name To Own

September 28, 2009 11:10 AM EDT
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Price: $0.31 --0%

Rating Summary:
    0 Buy, 2 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Canaccord Adams reiterates a 'Buy' rating on ATP Oil & Gas (Nasdaq: ATPG), raises price target to $20 from $17.

Canaccord analyst says, "The company announced two separate financings and an asset sale. Combined, these transactions should generate roughly $290 million of cash for ATPG. These transactions should give the company the liquidity needed to complete Phase 1 of the Telemark Hub and get production up and running in early 2010...We are raising our price target because with the financing and asset sales completed, ATP’s liquidity has improved, making 2010 production growth and cash flow generation from the Telemark Hub more tangible and likely. These new fields are oily and would increase ATP’s exposure to crude, which we view as a huge positive during this prolonged period of weak natural gas prices in the US. We find ATP Oil & Gas an attractively priced name to own...The successful installation of the top side to the Titan Hull and related facility would be positive as it sets ATP to start production at the Telemark Hub in early 2010. ATP looks well positioned to double its production next year."

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ATP Oil & Gas Corporation engages in the acquisition, development, and production of oil and natural gas properties in the Gulf of Mexico, the United Kingdom, and Dutch Sectors of the North Sea.

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