Canaccord Genuity Maintains a 'Buy' on Petrohawk (HK); Solid Q1 Production Beat and Guidance Raise
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Price: $0.16 --0%
Rating Summary:
2 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
2 Buy, 14 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Buy' on Petrohawk (NYSE: HK), raises PT from $36 to $39.
Canaccord analyst says, "We are increasing our target price due to higher Q1/11 production and lower operating expense, partly offset by lower price realizations. We continue to believe the market is under-appreciating the quality of the company’s Eagle Ford acreage and over-emphasizing capitalization concerns. Our� analysis suggests Petrohawk’s Black Hawk field has some of the best petrophysical� properties and highest returns in the Eagle Ford play. Additionally, proceeds from�the recent midstream monetizations along with the $300 million increase in the�borrowing base should provide adequate liquidity to execute the company’s goforward capital plan. HK trades at a ~10% discount (’12E EBITDA) to the sector though it has 1.5x the projected CFPS growth (’11-’13E CAGR), which we think creates a compelling value opportunity."
For more ratings news on Petrohawk click here and for the rating history of Petrohawk click here.
Shares of Petrohawk closed at $24.14 yesterday.
Canaccord analyst says, "We are increasing our target price due to higher Q1/11 production and lower operating expense, partly offset by lower price realizations. We continue to believe the market is under-appreciating the quality of the company’s Eagle Ford acreage and over-emphasizing capitalization concerns. Our� analysis suggests Petrohawk’s Black Hawk field has some of the best petrophysical� properties and highest returns in the Eagle Ford play. Additionally, proceeds from�the recent midstream monetizations along with the $300 million increase in the�borrowing base should provide adequate liquidity to execute the company’s goforward capital plan. HK trades at a ~10% discount (’12E EBITDA) to the sector though it has 1.5x the projected CFPS growth (’11-’13E CAGR), which we think creates a compelling value opportunity."
For more ratings news on Petrohawk click here and for the rating history of Petrohawk click here.
Shares of Petrohawk closed at $24.14 yesterday.
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