Canaccord Genuity Maintains a 'Buy' on Penn Virginia (PVA); Lowering Estimates and Target After Q4/11 Guidance Update
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Rating Summary:
3 Buy, 9 Hold, 0 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Penn Virginia (NYSE: PVA) price target lowered from $14 to $12.
Canaccord analyst, John Gerdes, said, "We are lowering our target to $12 due to higher capital intensity as reflected in company commentary regarding revised Eagle Ford type curves. Our target assumes PVA achieves a 25,000 net acre leasehold in the Eagle Ford next year at a future cost per acre of $8,000-10,000. In subsequent years, we assume the company replenishes drilled Eagle Ford leasehold at a comparable acquisition cost."
"PVA cut Q4/11 guidance by 1.5-1.7 Bcfe (~13%) to 10.7-11.0 Bcfe and reset the expected liquids composition to 36% oil/NGLs. Consequently, we lowered our Q4 estimates from 12.3 Bcfe/40% to 11.0 Bcfe/37%."
For an analyst ratings summary and ratings history on Penn Virginia click here. For more ratings news on Penn Virginia click here.
Shares of Penn Virginia closed at $4.45 yesterday.
Canaccord analyst, John Gerdes, said, "We are lowering our target to $12 due to higher capital intensity as reflected in company commentary regarding revised Eagle Ford type curves. Our target assumes PVA achieves a 25,000 net acre leasehold in the Eagle Ford next year at a future cost per acre of $8,000-10,000. In subsequent years, we assume the company replenishes drilled Eagle Ford leasehold at a comparable acquisition cost."
"PVA cut Q4/11 guidance by 1.5-1.7 Bcfe (~13%) to 10.7-11.0 Bcfe and reset the expected liquids composition to 36% oil/NGLs. Consequently, we lowered our Q4 estimates from 12.3 Bcfe/40% to 11.0 Bcfe/37%."
For an analyst ratings summary and ratings history on Penn Virginia click here. For more ratings news on Penn Virginia click here.
Shares of Penn Virginia closed at $4.45 yesterday.
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