Global Hunter Securities Upgrades Energy XXI (EXXI) to Buy; Numerous Catalysts Remain
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Price: $25.02 +1.54%
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade EXXI Now!
Global Hunter Securities upgraded Energy XXI (NASDAQ: EXXI) from Accumulate to Buy. PT increased from $36 to $44.
Global analyst says, "In the ultra-deep shelf, EXXI is nearing a casing point on its Lafitte well which is now drilling below 21,120 feet towards a target of 29,950 feet. The Davy Jones No. 2 well has been drilled to a total depth of 30,546 feet and EXXI is awaiting results from logging operations. Sands in the Lower Tuscaloosa could be meaningful upside to our model. Completion and flow testing is also expected at the Davy Jones No. 1 well by year-end 2011 with long lead time items potentially ready this summer. Blackbeard East has been drilled to 32,559 feet with plans for deepening it pending the resolution of a mechanical issue. EXXI continues to contemplate re-entry of the Blackbeard West well and further deepen it in search of the Wilcox observed at Blackbeard East pending rig procurement and BBE data. Finally, EXXI’s analyst day scheduled for May 13th may yield additional incremental data points particularly on these wells but also on unlocking value on the recently acquired properties."
"We are revising our previously published F2011 EPS, CFPS, and EBITDA estimates upward from $0.28, $5,72, $481.8MM to $0.58, $5.82, and $494.2MM, respectively."
For more ratings news on Energy XXI click here and for the rating history of Energy XXI click here.
Shares of Energy XXI closed at $34.79 yesterday, with a 52 week range of $12.68-$37.04.
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Global analyst says, "In the ultra-deep shelf, EXXI is nearing a casing point on its Lafitte well which is now drilling below 21,120 feet towards a target of 29,950 feet. The Davy Jones No. 2 well has been drilled to a total depth of 30,546 feet and EXXI is awaiting results from logging operations. Sands in the Lower Tuscaloosa could be meaningful upside to our model. Completion and flow testing is also expected at the Davy Jones No. 1 well by year-end 2011 with long lead time items potentially ready this summer. Blackbeard East has been drilled to 32,559 feet with plans for deepening it pending the resolution of a mechanical issue. EXXI continues to contemplate re-entry of the Blackbeard West well and further deepen it in search of the Wilcox observed at Blackbeard East pending rig procurement and BBE data. Finally, EXXI’s analyst day scheduled for May 13th may yield additional incremental data points particularly on these wells but also on unlocking value on the recently acquired properties."
"We are revising our previously published F2011 EPS, CFPS, and EBITDA estimates upward from $0.28, $5,72, $481.8MM to $0.58, $5.82, and $494.2MM, respectively."
For more ratings news on Energy XXI click here and for the rating history of Energy XXI click here.
Shares of Energy XXI closed at $34.79 yesterday, with a 52 week range of $12.68-$37.04.
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