Wells Fargo Raises Valuation Range on Anadarko Petroleum (APC) Following Meetings with Management

Wells Fargo is reaffirming its Outperform rating on shares of Anadarko Petroleum (NYSE: APC), while increasing its valuation range from $85-$90 to $100-$110 following a couple meeting with upper management on December fifth and sixth.

The firm called the meeting a positive and notes investor focus will likely turn to rich exploration calendar. At 15-30+ Tcfe, Wells Fargo highlights the significance of Mozambique as it could add a large amount of shareholder value to the company.

APC's management team also reported Wattenberg is expected to increase production by 20 percent in 2012 from the 72Mboe/d rate currently. An analyst at Wells Fargo comments, "We think the Street somehow overlooked APC's release last week, as we calculate that the Niobrara project NPV is more impactful than Jubilee. We think the Niobrara, even conservatively, is worth $5-8 billion."

Wells Fargo reiterated its FY11 and FY12 EPS estimates of $3.03 and $3.68.

For an analyst ratings summary and ratings history on Anadarko Petroleum click here. For more ratings news on Anadarko Petroleum click here.

Shares of Anadarko Petroleum closed at $81.54 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• ARKO Petroleum Corp (APC) PT Lowered to $21 at UBS
• UBS Reiterates Buy Rating on Hilton Worldwide (HLT)
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'