Canaccrd Genuity Maintains a 'Buy' on Bill Barrett (BBG); Quiet Quarter, Awaiting Resuls From Uinta Basin Oil Exploration
Tweet
Share
E-mailGet Alerts BBG Hot Sheet
Price: $4.84 --0%
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
Join SI Premium – FREE
Canaccrd Genuity maintains a 'Buy' on Bill Barrett (NYSE: BBG) price target cut $4 to $42.
Analyst, John Gerdes, said, "We lowered ’13E+ capital spending ~15% to better reconcile with targeted debt metrics. Excluding asset sales, we believe Barrett’s net debt should grow to 2.6x TTM EBITDA by year-end and 2.9x by year-end ’13 before stabilizing. The sale of gas production at a 5x multiple improves these ratios in the near term though is neutral long term. Divesting non-producing assets or ramping Uinta oil activity would improve coverage ratios...We are reducing our price target due to higher capital intensity and lower out-year capital spending."
For an analyst ratings summary and ratings history on Bill Barrett click here. For more ratings news on Bill Barrett click here.
Shares of Bill Barrett closed at $28.77 yesterday.
Analyst, John Gerdes, said, "We lowered ’13E+ capital spending ~15% to better reconcile with targeted debt metrics. Excluding asset sales, we believe Barrett’s net debt should grow to 2.6x TTM EBITDA by year-end and 2.9x by year-end ’13 before stabilizing. The sale of gas production at a 5x multiple improves these ratios in the near term though is neutral long term. Divesting non-producing assets or ramping Uinta oil activity would improve coverage ratios...We are reducing our price target due to higher capital intensity and lower out-year capital spending."
For an analyst ratings summary and ratings history on Bill Barrett click here. For more ratings news on Bill Barrett click here.
Shares of Bill Barrett closed at $28.77 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citi Downgrades Molson Coors (TAP) to Sell, 'Cycling 2023 Could Be a Mountain Too Hard to Climb'
- Mizuho Upgrades Airbnb Inc. (ABNB) to Buy, 'We see opportunities'
- Spotify (SPOT) PT Raised to $400 at Wells Fargo
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT ChangeSign 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!
