Jesup & Lamont Downgrades Willbros Group (WG) to Hold
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Jesup & Lamont downgrades Willbros Group (NYSE: WG) from Buy to Hold.
Jesup analyst says, "We are lowering our rating to HOLD from BUY based on the guidance given below and lack of visibility in the current market. The company lowered their guidance for 2009 to $0.80-$1.10 per share and revenues of $1.1-$1.3 billion. Previously, the company provided guidance for 2009 of $1.2-$1.5 billion in revenues and an earnings range of $1.10-1.50 per share...Our new 2009 estimated earnings are $1.00 down from $1.30 per share and for 2010, our new estimate is $1.20 per share down from $1.50 per share."
Willbros Group Inc. provides construction and engineering services to the oil, gas, and power industries. The company is involved in both upstream and downstream operations as well as providing engineering services to the energy industry.
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