Barclays Reiterates an 'Equalweight' on Nexen Inc. (NXY); Adjusting Estimates

Barclays reiterates an 'Equalweight' on Nexen Inc. (NYSE: NXY), PT C$25.

Barclays analyst says, "NXY reported Q2 EPS of C$0.48 (C$0.46 clean) compared to our C$0.40 estimate. Volumes and prices were modestly above our estimates but 2011 volume guidance was reduced. The production guidance cut reflected previously disclosed downtime at Buzzard. NXY is benefiting from premium prices for Brent oil and the shares reflect low expectations. However, we reiterate our EW rating due to continued troubles at Long Lake and uncertain exploration returns." (Barclays raises FY11 EPS estimate from $1.65 to $1.85 and FY12 from $2.15 to $2.20)

For more ratings news on Nexen Inc. click here and for the rating history of Nexen Inc. click here.

Shares of Nexen Inc. closed at $22.75 yesterday.

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