Credit Suisse Upgrades Anadarko Petroleum (APC) to Outperform
- Wall Street falls with financials, other post-election gainers
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shortens sentence of Manning, who gave cables to WikiLeaks
- After-Hours Stock Movers 01/17: (SHLO) Higher; (GIMO) (AFAM) (CSX) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Credit Suisse upgraded Anadarko Petroleum (NYSE: APC) from Neutral to Outperform with a price target of $77.00 (from $70.00).
Analyst E. Westlake commented, "At 1Q, we reduced exposure in the large cap E&P sector via HES and APC. Today, we're adding APC back into the large cap E&P portfolio. We raise our TP to $77/sh (from $70/sh) on Delaware Estimated Ultimate Recovery's (EUR's), some option value for Proven Undeveloped Reserves (PUDs) in gassy disposals, some value for Cote D'Ivoire and two extra tiebacks in the Gulf of Mexico per year. We raise our rating to Outperform from Neutral (to join PXD, CXO, DVN). We're still concerned about the oil price trajectory if OPEC don't rein in output. However, we suspect APC will continue to monetise assets to reduce the absolute level of net debt. At the same time, the message of focus on three core areas - the Delaware, Wattenberg and Deepwater Gulf of Mexico (where APC has significant infrastructure advantages) will resonate with investors. Yes, the shares could pull back into the $50's as oil falls but there seem to be higher highs ahead. Our "pause" call on APC was wrong due to operational and management execution. There is more that management can continue to do to drive the shares."
Shares of Anadarko Petroleum closed at $59.95 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- Deutsche Bank Starts Illumina (ILMN) at Hold
- UPDATE: JPMorgan Downgrades Navient Corporation (NAVI) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesCredit Suisse, OPEC
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!