Global Hunter Securities Downgrades Endeavour International (END) to Accumulate
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Price: $0.16 --0%
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Global Hunter Securities downgraded Endeavour International (NYSE: END) from Buy to Accumulate with a price target of $9.00 (from $13.00).
The firm comments, "With news that the 2-2.5 Mbpd MacCulloch transaction didn't close (would have increased oil production 25%); no sign of Transocean's Prospect on location at Rochelle (we're now stripping any Q1:13 contribution from the field); and Alba struggling to hit its capacity of ~7,500 boepd again in Q4, we are lowering our estimates (2013 EBITDA down $66MM to $341MM), dropping our rating to Accumulate from Buy, and taking our price target from $13 to $9 (3x Q4:13 annualized EBITDA minus projected net debt)."
For an analyst ratings summary and ratings history on Endeavour International click here. For more ratings news on Endeavour International click here.
Shares of Endeavour International closed at $6.30 yesterday.
The firm comments, "With news that the 2-2.5 Mbpd MacCulloch transaction didn't close (would have increased oil production 25%); no sign of Transocean's Prospect on location at Rochelle (we're now stripping any Q1:13 contribution from the field); and Alba struggling to hit its capacity of ~7,500 boepd again in Q4, we are lowering our estimates (2013 EBITDA down $66MM to $341MM), dropping our rating to Accumulate from Buy, and taking our price target from $13 to $9 (3x Q4:13 annualized EBITDA minus projected net debt)."
For an analyst ratings summary and ratings history on Endeavour International click here. For more ratings news on Endeavour International click here.
Shares of Endeavour International closed at $6.30 yesterday.
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