Canaccord Genuity Upgrades Anadarko Petroleum (APC) to Buy on Capital Productivity Improvement
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Price: $89.21 -2.36%
Rating Summary:
21 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
21 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade APC Now!
Canaccord Genuity upgraded Anadarko Petroleum (NYSE: APC) to Buy. PT increased from $85 to $96.
Canaccord analyst says, "We are increasing our target and raising our rating due to a 10%+ improvement in US capital productivity. Increasing emphasis on highly productive Eagle Ford, Marcellus and Bone Spring development and continued efficiency gains across the US asset portfolio drive the improvement. As a consequence, company-wide production should exhibit 3% growth this year versus the previously expected 1% decline. Notably, our target includes a $5 billion ($10/share) outlay related to the Macondo incident and assumes development of the deepwater Ghana Tweneboa/Enyenra Fields in late ’14. Our model does not include value associated with Mozambique gas or the offshore Brazil Wahoo field. Development schemes associated with these projects and further deepwater exploration success represent potential upside to our target."
For more ratings news on Anadarko Petroleum click here and for the rating history of Anadarko Petroleum click here.
Shares of Anadarko Petroleum closed at $78.54 yesterday, with a 52 week range of $34.54-$79.85.
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Canaccord analyst says, "We are increasing our target and raising our rating due to a 10%+ improvement in US capital productivity. Increasing emphasis on highly productive Eagle Ford, Marcellus and Bone Spring development and continued efficiency gains across the US asset portfolio drive the improvement. As a consequence, company-wide production should exhibit 3% growth this year versus the previously expected 1% decline. Notably, our target includes a $5 billion ($10/share) outlay related to the Macondo incident and assumes development of the deepwater Ghana Tweneboa/Enyenra Fields in late ’14. Our model does not include value associated with Mozambique gas or the offshore Brazil Wahoo field. Development schemes associated with these projects and further deepwater exploration success represent potential upside to our target."
For more ratings news on Anadarko Petroleum click here and for the rating history of Anadarko Petroleum click here.
Shares of Anadarko Petroleum closed at $78.54 yesterday, with a 52 week range of $34.54-$79.85.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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