Baird Initiated Coverage on Several Oil & Gas Stocks - All Close Lower

Baird initiated coverage on several Oil & Gas stocks today.

Baird started all the following stocks with 'Outperform' rating: Pioneer Natural Resources (NYSE: PXD) (PT$126), Swift Energy (NYSE: SFY) (PT$37), EXCO Resources (NYSE: XCO) (PT$16), Forest Oil (NYSE: FST) (PT$23), Apache (NYSE: APA) (PT$129), EQT Corp (NYSE: EQT) (PT$73), Chesapeake Energy (NYSE: CHK) (PT$36), and Carrizo Oil & Gas (Nasdaq: CRZO) (PT$38), Unfortunately, all the stocks were down in today's trading, with FST falling about 12.5% on guidance issues last night.

Per Press Release: Forest (NYSE: FST) sees 2012 annual net sales volumes increase organically to 350 MMcfe/d to 355 MMcfe/d, representing a 5% to 6% increase compared to 2011....2012 annual net liquids sales volumes increase organically to 17.5 MBbls/d to 17.8 MBbls/d, representing a 10% increase compared to 2011.

The Company intends to deploy approximately nine to ten operated drilling rigs in 2012 with a total capital budget of $550 million to $600 million and anticipates this capital budget will be near discretionary cash flow at current commodity prices.

Baird also initiated coverage on Comstock (NYSE: CRK)(PT$22), Goodrich Petroleum (NYSE: GDP) (PT$18) Rosetta Resources (Nasdaq: ROSE)(PT$51), Anadarko Petroleum (NYSE: APC) (PT $85), Cabot Oil & Gas (NYSE: COG)(PT$84), St. Mary's (NYSE: SM)(PT $87) and Noble Energy (NYSE: NBL)(PT$103)...all with 'Neutral' ratings.

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