UBS Raises Price Target on Anadarko Petroleum (APC) to $73; Reiterates Buy
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UBS reiterated a Buy rating on Anadarko Petroleum (NYSE: APC), and raised the price target to $73.00 (from $69.00), following the company's 3Q earnings report. CFPS of $1.56 was above consensus' $1.36. APC raised its 2016 production guidance by ~16 MBoed to 716-721 MBoed, with roughly half of the increase driven by its 3Q beat and the remainder due to higher 4Q production.
Analyst William Featherston commented, "Clean 3Q EPS (loss) of ($0.89) was below UBSe of ($0.50) & consensus of ($0.58) with the miss vs. UBSe driven mainly by a higher non-cash exploration expense & a lower tax (benefit) rate. However, CFPS of $1.56 was above consensus' $1.36 & UBSe of $1.42 driven by production exceeding guidance, better price realizations, & lower per-unit cash costs than estimates. EBITDX rose 7% YoY to $1.19bn, 8% and 15% above UBS and consensus, respectively. Production declined 1% YoY to 780 MBoed, above the 739-761 MBoed guidance range. Per-unit costs declined 5% YoY to $5.68/Mcfe, roughly in line with the peer 3Q avg but 6% above UBSe on higher exploration."
Shares of Anadarko Petroleum closed at $59.44 yesterday.
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