Canaccord Genuity Reiterates a 'Buy' on Bill Barrett (BBG); Underappreciated Shift Toward Oil

Canaccord Genuity reiterates a 'Buy' on Bill Barrett (NYSE: BBG) price target of $38.00 (from $37.00).

Analyst, John Gerdes, said, "We are increasing our target price given a ~20% greater
capital allocation toward oil partly offset by higher anticipated capital intensity. BBG offers ~30% greater relative upside versus the group as we believe the market underappreciates the value implication of the company’s complete shift toward oil development."

Upcoming exploration catalysts: Barrett plans to drill three additional horizontal Powder River Basin wells including Sussex and Frontier tests, one horizontal Alberta Basin Bakken test this quarter, and two horizontal Tocito-Gallup-Niobrara tests in the San Juan Basin.

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 $23.52 yesterday.

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