Global Hunter Securities Cuts PT and Estimates on Union Drilling (UDRL); Deja Vu All Over
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Price: $6.55 --0%
Rating Summary:
1 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities maintains a 'Neutral' on Union Drilling (NASDAQ: UDRL) price target of $5.50.
Analyst, Brian Uhlmer, said, "We are reducing estimates yet again to reflect a more competitive contracting environment and higher than previously modeled opex. Due to our reduced estimates, we are lowering our price target to $5.50, down from $6.50, and retaining our Neutral rating. We believe the stock will be range-bound unless there is substantial evidence that US onshore activity will accelerate in UDRL's key basins, specifically Appalachia and Arkoma, which we view as unlikely given the macro fundamentals for natural gas."
FY12 cut from $0.06 to -0.15 and FY13 from $0.15 to -0.30.
For an analyst ratings summary and ratings history on Union Drilling click here. For more ratings news on Union Drilling click here.
Shares of Union Drilling closed at $5.27 yesterday.
Analyst, Brian Uhlmer, said, "We are reducing estimates yet again to reflect a more competitive contracting environment and higher than previously modeled opex. Due to our reduced estimates, we are lowering our price target to $5.50, down from $6.50, and retaining our Neutral rating. We believe the stock will be range-bound unless there is substantial evidence that US onshore activity will accelerate in UDRL's key basins, specifically Appalachia and Arkoma, which we view as unlikely given the macro fundamentals for natural gas."
FY12 cut from $0.06 to -0.15 and FY13 from $0.15 to -0.30.
For an analyst ratings summary and ratings history on Union Drilling click here. For more ratings news on Union Drilling click here.
Shares of Union Drilling closed at $5.27 yesterday.
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