Jefferies Cuts Price Target & Raises Estimates on St. Mary's (SM), Maintains Hold Rating

Jefferies is maintaining its Hold rating on shares of St. Mary's (NYSE: SM), but is lowering its price target from $67 to $64.

The firm is also raising its 2011 and 2012 EPS estimates from $1.45 and $2.14 to $184 and $2.63.

Jefferies revisions are driven by increases to its '11 and '12 oil price deck to $105/bbl and $100/ bbl from $85. The firms long-term oil price estimate of $85/bbl remains unchanged.

Oil and gas averaged $94.85/$4.20 in q1 '11 versus $85.16/$3.80 in q4 '10 and $78.84/$5.09 in q1 '10. Our '11, '12, and long-term natural gas price deck of $4.10/mcf, $5.00/mcf, and $5.00/mcf also remain unchanged.

For more ratings news on St. Mary's click here and for the rating history of St. Mary's click here.

Shares of St. Mary's closed at $74.86 yesterday.

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