Jefferies Raises Price Target on BPZ Resources (BPZ), Maintains Hold Rating

Jefferies is reiterating its Hold rating on shares of BPZ Resources (NYSE: BPZ) while it raising its price target from $4.00 to $4.60.

The firm is increasing its 2011 EPS estimate from ($0.17) to ($0.03) and is maintaining its 2012 estimate of $0.13.

Jefferies revisions are driven by increases to its '11 and '12 oil price deck to $105/bbl and $100/ bbl from $85. The firms long-term oil price estimate of $85/bbl remains unchanged.

Oil and gas averaged $94.85/$4.20 in q1 '11 versus $85.16/$3.80 in q4 '10 and $78.84/$5.09 in q1 '10. Our '11, '12, and long-term natural gas price deck of $4.10/mcf, $5.00/mcf, and $5.00/mcf also remain unchanged.

For more ratings news on BPZ Resources click here and for the rating history of BPZ Resources click here.

Shares of BPZ Resources closed at $5.13 yesterday.

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