FBR Capital Initiates Coverage on Plains Exploration & Production Company (PXP) with an Outperform
More News related to CHK
- B.J. Carney Named Vice President of Geoscience for Northeast Natural Energy
- Joint Venture Agreement Between Epsilon Energy Ltd. and Chesapeake Energy Corporation -Update
- Wells Fargo Upgrades Apache (APA); Downgrades Chesapeake Energy (CHK)
- Plains Exploration & Production (PXP) Updates on 2009 Operations
- PXP Announces 2009 Operational Results: Reports 23% Increase in Total Proved Reserves and 320% Reserve Replacement Ratio
More News related to PXP
- Mariner Energy Announces Deepwater Discovery at Lucius (Keathley Canyon Block 875), Encountering More Than 600 Feet of Net Pay
- Morning Movers 1/27: KTCC, SIFY, CPE, SANM, MNI, CCUR Higher; GNVC, HTCH, JTX, QTWW, PARL Lower
- Mariner Energy (ME) and Plains Exploration (PXP) Jump After Partner Anadarko Encounters More Than 600 Net Feet of Pay
- Anadarko Petroleum (APC) Lucius Sidetrack Appraisal Hits 600 Net Feet of Oil Pay
- Anadarko Announces Lucius Appraisal Well Encounters More Than 600 Net Feet of Pay
More News related to New Coverage
- Sidoti & Co Initiates Coverage on Solutia (SOA) with a Buy
- RBC Capital Initiates Coverage on Questar (STR) with a Sector Perform
- Needham & Company Starts Time Warner (TWX) at Hold
- Standpoint Research Starts City Holding Co. (CHCO) at Buy
- Benchmark Securities Initiates Coverage on Vitacost.com (VITC) with a Buy.
FBR Capital initiates coverage on Plains Exploration & Production Company (NYSE: PXP) with an Outperform rating and a 12-month price target of $40.00 per share.
FBR analyst says, "Initiates coverage on PXP with an Outperform, based on the stock trading at 70% of our before-tax risked, 3P NAV of $56.00 per share and 6.0x 2010 EV/DACF (in line with the mid-cycle average of 6.0x). Our NAV assumes $4.50/Mcf long term and a 15% discount rate. Our Outperform rating reflects our belief that management has positioned the company to harvest stable cash flows from oil-based production (60% by volume) and shale gas from the Haynesville shale with Chesapeake Energy Corporation (NYSE: CHK) (Outperform) as a joint venture operator. An added upside is the risked exploratory option of $6.00 per share in the deepwater Gulf of Mexico (GOM) from three near-term drilling prospects, two of which are in the Lower Tertiary."
To see more analyst ratings on PXP Click Here.
Related Categories
New CoverageStocks Mentioned
+0.21Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
