Wells Fargo Cuts Midstates Petroleum (MPO) to Market Perform as CEO Departs
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Price: $5.12 --0%
Rating Summary:
3 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 16
Rating Summary:
3 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 16
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Wells Fargo downgraded Midstates Petroleum (NYSE: MPO) from Outperform to Market Perform with a price target of $5-$9 (from $8-$11).
"While we believe the company has made important strides in re-aligning its portfolio and reducing costs, but in conjunction with today's news that John Crum is departing his role as CEO, at this point we are stepping to the sidelines and awaiting clarity on the new leadership and the direction of the company. The 10K is still pending, but we are updating our model post quarter and for guidance: our 2014E EPS moves to $0.08 from $0.17," said analyst David Tameron.
"In the past several months, the company has witnessed a bit of turnover in the C-Suite. Former COO Stephen Pugh stepped down last October, former CFO Tom Mitchell left this past January, and this morning MPO announced that CEO John Crum will be leaving at the end of this month. That makes three high-level departures in the last six months. We had the utmost respect for these individuals, and while we hold the new management team in high regards, we await more clarity on the direction of the company," he added.
For an analyst ratings summary and ratings history on Midstates Petroleum click here. For more ratings news on Midstates Petroleum click here.
Shares of Midstates Petroleum closed at $5.05 yesterday.
"While we believe the company has made important strides in re-aligning its portfolio and reducing costs, but in conjunction with today's news that John Crum is departing his role as CEO, at this point we are stepping to the sidelines and awaiting clarity on the new leadership and the direction of the company. The 10K is still pending, but we are updating our model post quarter and for guidance: our 2014E EPS moves to $0.08 from $0.17," said analyst David Tameron.
"In the past several months, the company has witnessed a bit of turnover in the C-Suite. Former COO Stephen Pugh stepped down last October, former CFO Tom Mitchell left this past January, and this morning MPO announced that CEO John Crum will be leaving at the end of this month. That makes three high-level departures in the last six months. We had the utmost respect for these individuals, and while we hold the new management team in high regards, we await more clarity on the direction of the company," he added.
For an analyst ratings summary and ratings history on Midstates Petroleum click here. For more ratings news on Midstates Petroleum click here.
Shares of Midstates Petroleum closed at $5.05 yesterday.
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