Wells Fargo Upgrades Bill Barrett Corp. (BBG) to Outperform; Positive Meeting W/Mgmt
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- Wells Fargo Upgrades Bill Barrett Corp. (BBG) to Outperform; Positive Meeting W/Mgmt
Wells Fargo upgrades Bill Barrett Corp. (NYSE: BBG) from Market Perform to Outperform. Valuation range increased to $40-45 from $30-36.
Wells analyst says, "Following management meetings, we are upgrading shares to Outperform from Market Perform. We believe a combination of regulatory rulings, sustained narrower Rockies differentials, and exploratory results will drive shares. In addition, Street sentiment on BBG is wait and see with the bar set low, providing an attractive entry point. For these reasons we are raising our valuation range to $40-45 from $30-36. In addition we are updating our 2009E EPS to $2.02 from $1.98 with 2010E EPS going to $1.48 from $1.46.
"Over the last few years, BBG has grown production and reserves by 30%+ CAGR. We believe BBG should still be able to generate double digit growth by spending within its cash flow, a level above most of its peers. With a solid development portfolio accompanied by exploration upside, we expect shares to outperform over the next 12 to 18 months."
To see more analyst ratings on BBG Click Here.
Bill Barrett Corporation, an independent oil and gas company, engages in the exploration, development, and production of natural gas and crude oil in the rocky mountain region of the United States.
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