Canaccord Genuity: Natural Gas Prices Rise Despite Slightly Bearish EIA Storage Number
Tweet
Share
E-mailGet Alerts COG Hot Sheet
Price: $22.25 --0%
Rating Summary:
20 Buy, 23 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
20 Buy, 23 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Canaccord Genuity: Natural Gas Prices Rise Despite Slightly Bearish EIA Storage Number
Analyst, John Gerdes, said, "The EIA reported a 66 Bcf storage injection, above the 65 Bcf consensus expectation and our 59 Bcf estimate. Storage stands at 3,374 Bcf, 14% above last year and 12% above the five-year average. The data suggests the market is ~2
Bcfpd undersupplied on a weather-normalized quarterly moving average basis. Though the storage number was above the consensus, gas is up $0.07 in the afternoon."
"We are adjusting our injection estimate for the next report to 50 Bcf. The y/y surplus should decline ~14 Bcf next week (2 Bcfpd) with degree days flat y/y."
"Of gas-weighted names, we note Cabot Oil & Gas (NYSE: COG)(BUY, PT$69) has 10%+ upside potential even in our bear-case commodity price scenario ($4 gas/$82.50 WTI). Our target is based on a discounted cash flow analysis and applies a 13.75% discount rate."
Analyst, John Gerdes, said, "The EIA reported a 66 Bcf storage injection, above the 65 Bcf consensus expectation and our 59 Bcf estimate. Storage stands at 3,374 Bcf, 14% above last year and 12% above the five-year average. The data suggests the market is ~2
Bcfpd undersupplied on a weather-normalized quarterly moving average basis. Though the storage number was above the consensus, gas is up $0.07 in the afternoon."
"We are adjusting our injection estimate for the next report to 50 Bcf. The y/y surplus should decline ~14 Bcf next week (2 Bcfpd) with degree days flat y/y."
"Of gas-weighted names, we note Cabot Oil & Gas (NYSE: COG)(BUY, PT$69) has 10%+ upside potential even in our bear-case commodity price scenario ($4 gas/$82.50 WTI). Our target is based on a discounted cash flow analysis and applies a 13.75% discount rate."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viking Holdings (VIK) PT Raised to $82 at Mizuho
- Ferrovial SA (FER:SM) (FRRVF) Reiterated at Buy by UBS on Winning Bid For Tennessee Project
- Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group
Create E-mail Alert Related Categories
Analyst Comments, CommoditiesRelated Entities
Canaccord GenuitySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
