Goldman Sachs Boosts Target on Anadarko (APC) After Meetings

Goldman Sachs raised its 6-month price target on Buy-rated Anadarko Petroleum (NYSE: APC) from $105 to $107, suggesting 37% upside, saying they remain positive on Wattenberg following investor meetings with Jim Kleckner, VP of Operations and head of the company's Rockies region.

The firm said management was very optimistic on its horizontal drilling program in the Wattenberg field and highlighted improving trends elsewhere in its US onshore base including the Utica Shale. In addition the company continued to express JV interest on non-Wattenberg DJ/Powder River Basin acreage and provided additional color the Algeria tax settlement.

Goldman revised 2012E/2013E/2014E EPS to $4.14/$6.71/$3.67 from $3.62/$6.12/$3.26 to reflect the Algeria tax settlement among other minor changes.

For an analyst ratings summary and ratings history on Anadarko Petroleum click here. For more ratings news on Anadarko Petroleum click here.

Shares of Anadarko Petroleum closed at $78.26 yesterday.

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