Credit Suisse Maintains an 'Outperform' on Swift Energy (SFY); Strong Operational Performance in Q1; Raising Numbers
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Price: $154.64 -0.29%
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Credit Suisse maintains an 'Outperform' on Swift Energy (NYSE: SFY), rises PT from $51 to $54.
Credit Suisse analyst says, "We raise our NAV-derived target price as we account for increased operational efficiencies and acceleration in the model as SFY moves toward development mode in the south Texas Eagle Ford shale and Olmos sand plays. The company maintains a three rig horizontal program in the region, recently brought on a spudder rig and is planning a fourth horizontal rig to dedicate to the AWP oil window by mid-summer. SFY has been unable to keep a sufficient well inventory ahead of its dedicated frac crew at the current pace of drilling, so with services and transportation in place we think acceleration is a prudent decision in the strong commodity price environment."
"We increase our 2011-2013 production estimates to 11.1 mmboe (from 10.7), 12.8 mmboe (from 12.3) and 14.4 mmboe (from 13.8), respectively, and subsequently raise our 2011-2013 EPS estimates to $2.10 (from $1.74), $2.84 (from $2.56) and $5.04 (from $4.62)."
For more ratings news on Swift Energy click here and for the rating history of Swift Energy click here.
Shares of Swift Energy closed at $40.13 yesterday.
Credit Suisse analyst says, "We raise our NAV-derived target price as we account for increased operational efficiencies and acceleration in the model as SFY moves toward development mode in the south Texas Eagle Ford shale and Olmos sand plays. The company maintains a three rig horizontal program in the region, recently brought on a spudder rig and is planning a fourth horizontal rig to dedicate to the AWP oil window by mid-summer. SFY has been unable to keep a sufficient well inventory ahead of its dedicated frac crew at the current pace of drilling, so with services and transportation in place we think acceleration is a prudent decision in the strong commodity price environment."
"We increase our 2011-2013 production estimates to 11.1 mmboe (from 10.7), 12.8 mmboe (from 12.3) and 14.4 mmboe (from 13.8), respectively, and subsequently raise our 2011-2013 EPS estimates to $2.10 (from $1.74), $2.84 (from $2.56) and $5.04 (from $4.62)."
For more ratings news on Swift Energy click here and for the rating history of Swift Energy click here.
Shares of Swift Energy closed at $40.13 yesterday.
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