UPDATE - Global Hunter Securities Initiates Coverage on Anadarko Petroleum (APC) with a Buy; Compelling International Play

March 7, 2012 8:41 AM EST
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Price: $70.03 -0.21%

Rating Summary:
    32 Buy, 8 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UPDATE - Global Hunter Securities initiates coverage on Anadarko Petroleum (NYSE: APC) with a Buy rating. PT $102.

Analyst, John Malone, said, "With the overhang from the BP Macondo incident in the rear view mirror (mostly) and a catalyst-rich portfolio ahead, we see Anadarko as a compelling play on international exploration, but one with enough North American production to make swallowing Africa risk a little easier. APC had a remarkable 80% success rate with its 2011 deepwater exploration and appraisal campaign. In the Denver/Julesberg (DJ) Basin, APC has unlocked between 500 and 1,500 MMboe with horizontal drilling at the Wattenberg field, and returns are boosted by a legacy land grant position. And now that APC has settled with BP (NYSE: BP) we see positive free cash flow in 2012 and a chance to chip away at debt."

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