UBS Raises Price Target on Anadarko Petroleum (APC) to $73; Reiterates Buy

November 1, 2016 8:44 AM EDT
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Price: $71.24 --0%

Rating Summary:
    32 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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."

For an analyst ratings summary and ratings history on Anadarko Petroleum click here. For more ratings news on Anadarko Petroleum click here.

Shares of Anadarko Petroleum closed at $59.44 yesterday.

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