Capital One Downgrades Mariner Energy (ME) to Add
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Capital One downgrades Mariner Energy (NYSE: ME) from Strong Buy to Add. Price target $35.
Capital One analyst says, "After the close, ME issued a production update, stating that 62% of its Gulf of Mexico production and 57% of total company production was still shut in as of 9/23/08. The company expects to be back to pre-storm production levels of ~390 MMcfe/d net within eight weeks...Given the time line for production restoration, we are again lowering our FY08 production forecast. Last week, we reduced 3Q08 GOM production estimate by 30%, and that reduction level still appears likely.
Mariner Energy, Inc. (Mariner) is an independent oil and gas exploration, development, and production company.
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