Global Hunter Securities Maintains a 'Buy' on Bill Barrett (BBG); Ramping Up

May 4, 2012 1:10 PM EDT Send to a Friend
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Price: $24.48 --0%

Rating Summary:
    7 Buy, 10 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Global Hunter Securities maintains a 'Buy' on Bill Barrett (NYSE: BBG) price target lowered from $45 to $40.

Analyst, Mike Kelly, said, "BBG was slow to ramp its oil production in Q1 (just +4% q/q), but with three rigs coming off the bench in the second quarter to square up against oil prospects in the Uinta and DJ Basins, we see BBG’s ramp coming. We expect Q1’s avg oil production of 5,286 bbls/day to increase by 89% to ~10,000 bbls/day in Q4. We would remain buyers of BBG - an E&P that we believe has one of the best risk/reward profiles in the space trading cheap at its PV10 value and 4.2x 2012E EBITDA, while possessing considerable upside associated with its 600,000 undeveloped oil acres across the Rockies."

"Our revised full-year 2012 EPS, CFPS, and EBITDA estimates are $0.97, $8.94, and $486.1MM, vs. prior estimates of $1.48, $10.08, and $539.8MM, respectively. We are adjusting our full-year 2013 production, EPS, CFPS, and EBITDA estimates to 340 MMcfepd, $1.69, $10.79, and $604MM, from 366 MMcfepd $2.11, $12.06 and $656.4MM, respectively."

For an analyst ratings summary and ratings history on Bill Barrett click here. For more ratings news on Bill Barrett click here.

Shares of Bill Barrett closed at $22.74 yesterday.




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