Forest Oil (FST) Falls Following Cut Outlook; Analysts Mixed, Three Downgrade
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Price: $10.18 --0%
Rating Summary:
5 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Forest Oil (NYSE: FST) shares are getting slammed today, following a cut outlook by the company.
For it's second quarter and balance of 2011, Forest revised guidance lower. Second quarter sales volumes are now expects to be in the range of 333 to 337 million cubic feet equivalent per day. The numbers are down 7 million cubic feet equivalent per day on average because of compression and plant downtime in the Texas Panhandle, flooding in south Louisiana and a divestiture.
For the second half of 2011, Forest now expects volumes of 335 to 345 million cubic feet equivalent per day.
Stifel Nicolaus sees FY11 production outlook as a "clear negative."
Simmons & Co. says Forest shares may retest a recent closing low of $24.93, but would buy the weakness as the risk/reward is favorable. RBC concurs buying on weakness, noting upside option value from Eagle Ford and new position in the Permian Basin.
Forest shares were downgraded at Bank of America, Macquarie, and Tudor Pickering.
Forest is down nearly 11 percent on the session.
For it's second quarter and balance of 2011, Forest revised guidance lower. Second quarter sales volumes are now expects to be in the range of 333 to 337 million cubic feet equivalent per day. The numbers are down 7 million cubic feet equivalent per day on average because of compression and plant downtime in the Texas Panhandle, flooding in south Louisiana and a divestiture.
For the second half of 2011, Forest now expects volumes of 335 to 345 million cubic feet equivalent per day.
Stifel Nicolaus sees FY11 production outlook as a "clear negative."
Simmons & Co. says Forest shares may retest a recent closing low of $24.93, but would buy the weakness as the risk/reward is favorable. RBC concurs buying on weakness, noting upside option value from Eagle Ford and new position in the Permian Basin.
Forest shares were downgraded at Bank of America, Macquarie, and Tudor Pickering.
Forest is down nearly 11 percent on the session.
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