KeyBanc Starts Energy XXI (EXXI) at Buy; Redefining Offshore Value for GOM Pure-Play
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Price: $3.88 -5.37%
Rating Summary:
4 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
4 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
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KeyBanc initiates coverage on Energy XXI (NASDAQ: EXXI) with a Buy. PT $45.00.
KeyBanc analyst says, "EXXI is a U.S. Gulf of Mexico (GOM) pure-play and is currently the third largest producer on the GOM shelf. The Company's core 41 MBOED of production is primarily located in shallow water locations and is 68% oil by volume, priced mostly at HLS, an $11/bbl premium to WTI. Additionally, the Company is a non-operated partner with McMoran Exploration (NYSE: MMR) in its shallow-water/ultra-deep program with its first discovery, the Davy Jones #1, set to flow within weeks, that we could see at $10/share additive to EXXI valuation as the prospect is de-risked. With a wealth of liquids-rich inventory that was augmented through the ExxonMobil (NYSE: XOM) assets acquistion in late 2010, we see EXXI's core portfolio generating ~20%+ production CAGR through CY13 with over a decade of visible, high-return projects."
For an analyst ratings summary and ratings history on Energy XXI click here. For more ratings news on Energy XXI click here.
Shares of Energy XXI closed at $29.30 yesterday.
KeyBanc analyst says, "EXXI is a U.S. Gulf of Mexico (GOM) pure-play and is currently the third largest producer on the GOM shelf. The Company's core 41 MBOED of production is primarily located in shallow water locations and is 68% oil by volume, priced mostly at HLS, an $11/bbl premium to WTI. Additionally, the Company is a non-operated partner with McMoran Exploration (NYSE: MMR) in its shallow-water/ultra-deep program with its first discovery, the Davy Jones #1, set to flow within weeks, that we could see at $10/share additive to EXXI valuation as the prospect is de-risked. With a wealth of liquids-rich inventory that was augmented through the ExxonMobil (NYSE: XOM) assets acquistion in late 2010, we see EXXI's core portfolio generating ~20%+ production CAGR through CY13 with over a decade of visible, high-return projects."
For an analyst ratings summary and ratings history on Energy XXI click here. For more ratings news on Energy XXI click here.
Shares of Energy XXI closed at $29.30 yesterday.
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