Canaccord Genuity Maintains a 'Buy' on Forest Oil (FST); Results Have Bottomed, Sentiment Should Reverse As Well
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Price: $10.18 --0%
Rating Summary:
5 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
5 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Buy' on Forest Oil (NYSE: FST) price target of $17.
Analyst, John Gerdes, said, "With FST shares significantly underperforming peers over the last year, we believe value expectations have been sufficiently reset. Operationally, Granite Wash results have likely bottomed, which should reverse some of the negative sentiment surrounding this asset."
"At the same time, Forest has shifted two of its Texas Panhandle rigs to shallow oil targets, which are predominately targeting horizontal Cleveland/Hogshooter tests. A recent Hogshooter test commenced production at almost 4,000 Boepd (~80% liquids) and should recover 1,000+ Mboe for a drill/complete cost of $7+ million. A recent Cleveland test commenced production at 600+ Boepd (50%+ liquids) and should recover 200+ Mboe for a drill/complete cost of ~$4 million."
For an analyst ratings summary and ratings history on Forest Oil click here. For more ratings news on Forest Oil click here.
Shares of Forest Oil closed at $13.25 yesterday.
Analyst, John Gerdes, said, "With FST shares significantly underperforming peers over the last year, we believe value expectations have been sufficiently reset. Operationally, Granite Wash results have likely bottomed, which should reverse some of the negative sentiment surrounding this asset."
"At the same time, Forest has shifted two of its Texas Panhandle rigs to shallow oil targets, which are predominately targeting horizontal Cleveland/Hogshooter tests. A recent Hogshooter test commenced production at almost 4,000 Boepd (~80% liquids) and should recover 1,000+ Mboe for a drill/complete cost of $7+ million. A recent Cleveland test commenced production at 600+ Boepd (50%+ liquids) and should recover 200+ Mboe for a drill/complete cost of ~$4 million."
For an analyst ratings summary and ratings history on Forest Oil click here. For more ratings news on Forest Oil click here.
Shares of Forest Oil closed at $13.25 yesterday.
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