Jefferies Raises Price Target on Venoco (VQ), Maintains Hold Rating

Jefferies is maintaining its Hold rating on shares of Venoco (NYSE: VQ), and is raising its price target by $0.50 to $18.50.

The firm is also increasing its 2011 EPS estimate from $0.40 to $1.03 and is introducing its 2012 estimate at $0.97.

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 Venoco click here and for the rating history of Venoco click here.

Shares of Venoco closed at $17.30 yesterday.

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