Global Hunter Securities Downgrades Swift Energy (SFY) to Accumulate on Execution Risk after Q3
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Price: $154.66 +0.01%
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
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Global Hunter Securities downgraded Swift Energy (NYSE: SFY) from Buy to Accumulate with a price target of $28.00 (from $34.00).
The analyst comments: "Oops, they did it again; downgrading to Accumulate... That's right: we had to go back and pull up some Britney Spears lyrics to describe the snafu that was Q3:12 for Swift (SFY). SFY's Q3 financial performance of $0.07 in EPS and $1.66 in CFPS was better than expected ($0.01/$1.58), driven by higher oil price realizations, but production of 31.3 Mboepd failed to achieve our already reduced estimate of 33.7 Mboepd. An operational issue, discussed below, served as the primary explanation for the production shortfall. As a result of execution risk creating a negative sentiment overhang, we believe that SFY shares warrant a more risk-averse stance. As a result, we are reducing our rating to Accumulate (from Buy) and our price target to $28 (from $34).
For an analyst ratings summary and ratings history on Swift Energy click here. For more ratings news on Swift Energy click here.
Shares of Swift Energy closed at $15.56 yesterday.
The analyst comments: "Oops, they did it again; downgrading to Accumulate... That's right: we had to go back and pull up some Britney Spears lyrics to describe the snafu that was Q3:12 for Swift (SFY). SFY's Q3 financial performance of $0.07 in EPS and $1.66 in CFPS was better than expected ($0.01/$1.58), driven by higher oil price realizations, but production of 31.3 Mboepd failed to achieve our already reduced estimate of 33.7 Mboepd. An operational issue, discussed below, served as the primary explanation for the production shortfall. As a result of execution risk creating a negative sentiment overhang, we believe that SFY shares warrant a more risk-averse stance. As a result, we are reducing our rating to Accumulate (from Buy) and our price target to $28 (from $34).
For an analyst ratings summary and ratings history on Swift Energy click here. For more ratings news on Swift Energy click here.
Shares of Swift Energy closed at $15.56 yesterday.
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