Capital One Southcoast Downgrades Stone Energy (SGY) to Neutral
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Capital One Southcoast downgrades Stone Energy (NYSE: SGY) from Add to Neutral. Price target $20.
Capital One analyst says, "The shares were up 5% on Friday and 29% last week (we upgraded on Monday)...Our take: We like the company but believe the stock is currently fully valued without modeling higher long-term commodities than our current $6.50/Mcf & $75/bbl long-term price deck. Our $20 NAV currently holds zero upside. On an 2010E EV/EBITDA basis, SGY is trading at 3.6x compared to 2.6x for WTI & 3.1x for MMR. On EV/1P based on YE08, SGY is trading at $2.91/Mcfe vs $2.52/Mcfe for WTI, $2.41/Mcfe for MMR, & $2.38/Mcfe for ME. If we assumed $80 oil & $7.00 gas for 2010+, our NAV would increase to $26."
To see more analyst ratings on SGY Click Here.
Stone Energy Corporation (Stone Energy), is an independent oil and natural gas company engaged in the acquisition and subsequent exploration, development, and operation of oil and gas properties located primarily in the Gulf of Mexico (GOM).
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