Canaccord Genuity Maintains a 'Buy' on Forest Oil (FST); Q3/11: Improving Granite Wash, Outstanding Hogshooter Test
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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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Canaccord Genuity maintains a 'Buy' on Forest Oil (NYSE: FST) price target raised $2 to $23.00.
Canaccord analyst says, "We are increasing our target due to improving Granite Wash results and strong horizontal oil tests in the Texas Panhandle. We believe value expectations have been sufficiently reset and the stock now offers attractive equity value upside. Granite Wash results have improved, which is reversing some of the negative sentiment surrounding this asset. Further, the company has shifted two Texas Panhandle rigs to Pennsylvanian oil targets (Cleveland, Hogshooter) with encouraging initial results. The reentry into the Haynesville dampens our enthusiasm, and the Eagle Ford program has room for improvement."
For more ratings news on Forest Oil click here and for the rating history of Forest Oil click here.
Shares of Forest Oil closed at $14.48 yesterday.
Canaccord analyst says, "We are increasing our target due to improving Granite Wash results and strong horizontal oil tests in the Texas Panhandle. We believe value expectations have been sufficiently reset and the stock now offers attractive equity value upside. Granite Wash results have improved, which is reversing some of the negative sentiment surrounding this asset. Further, the company has shifted two Texas Panhandle rigs to Pennsylvanian oil targets (Cleveland, Hogshooter) with encouraging initial results. The reentry into the Haynesville dampens our enthusiasm, and the Eagle Ford program has room for improvement."
For more ratings news on Forest Oil click here and for the rating history of Forest Oil click here.
Shares of Forest Oil closed at $14.48 yesterday.
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