Canaccord Genuity on Oil & Gas Exploration & Production: Q4 Recap - Shift to Oil Leads to Higher Capital Intensity/Margins
Tweet Send to a FriendGet Alerts BBG Hot Sheet
Price: $21.88 +2.67%
Rating Summary:
5 Buy, 7 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 7 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade BBG Now!
Canaccord Genuity on Energy: Oil & Gas Exploration & Production
Analyst, John Gerdes, said, "In Q4/11, E&P production was 0.2% below our expectation due to lower liquids output, while price realizations were slightly higher and cash expenses were slightly lower than expected. Production surprises included SM (+10%), Carrizo (-8%) and EQT (-4%)."
"Our favorite Buy-rated names include Bill Barrett (NYSE: BBG) (Unita Basin), Cabot (NYSE: COG) (Marcellus) and Carrizo (Nasdaq: CRZO) / Comstock (NYSE: CRK) / EOG (NYSE: EOG) / Goodrich (NYSE: GDP) /SM Energy (NYSE: SM) (Eagle Ford), which offer differential equity value upside in our opinion. Hold--rated names include EQT (NYSE: EQT) / Range (NYSE: RRC) / Southwestern (NYSE: SWN) (gas macro), Forest (NYSE: FST) / Cimarex (NYSE: XEC) (asset productivity fully appreciated) and Continental (NYSE: CLR) (valuation). We believe Sell--rated -- SandRidge (NYSE: SD) is overvalued due to overenthusiasm as to the Mississippian productivity and underappreciation of long-term capitalization challenges. In general, we believe Eagle Ford players are up to 20% undervalued, Permian Basin names are ~10% undervalued, Bakken players are at least 10% overextended and Marcellus names appear up to 10% overvalued."
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, John Gerdes, said, "In Q4/11, E&P production was 0.2% below our expectation due to lower liquids output, while price realizations were slightly higher and cash expenses were slightly lower than expected. Production surprises included SM (+10%), Carrizo (-8%) and EQT (-4%)."
"Our favorite Buy-rated names include Bill Barrett (NYSE: BBG) (Unita Basin), Cabot (NYSE: COG) (Marcellus) and Carrizo (Nasdaq: CRZO) / Comstock (NYSE: CRK) / EOG (NYSE: EOG) / Goodrich (NYSE: GDP) /SM Energy (NYSE: SM) (Eagle Ford), which offer differential equity value upside in our opinion. Hold--rated names include EQT (NYSE: EQT) / Range (NYSE: RRC) / Southwestern (NYSE: SWN) (gas macro), Forest (NYSE: FST) / Cimarex (NYSE: XEC) (asset productivity fully appreciated) and Continental (NYSE: CLR) (valuation). We believe Sell--rated -- SandRidge (NYSE: SD) is overvalued due to overenthusiasm as to the Mississippian productivity and underappreciation of long-term capitalization challenges. In general, we believe Eagle Ford players are up to 20% undervalued, Permian Basin names are ~10% undervalued, Bakken players are at least 10% overextended and Marcellus names appear up to 10% overvalued."
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Goldman Sees Blockbuster Potential for Bristol-Myers Squibb's (BMY) Nivolumab (PD-1)
- Goldman Sachs Upgrades Ruckus Wireless (RKUS) to Buy, 'Pullback Creates Opportunity'
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Bakken Formation
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
