Global Hunter Securities Downgrades Stone Energy (SGY) to Accumulate
Tweet
Share
E-mailGet Alerts SGY Hot Sheet
Price: $35.49 --0%
Rating Summary:
3 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
3 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Join SI Premium – FREE
Global Hunter Securities downgraded Stone Energy (NYSE: SGY) from Buy to Accumulate with a price target of $26.00 (from $30.00).
The firm comments, "We are lowering our rating on SGY shares to Accumulate from Buy as the mid-point of management's 2013 production guidance was roughly 2.3 Mboepd less than our 46.3 Mboepd estimate and the proportion of that production composed of natural gas was 2% greater than our 48% forecast. Concurrently, we reduced our price target to $26 from $30. Capex of $650MM for 2013 was in line with our estimate. With lower than expected 2013 production, which management forecasts will be composed of a greater percentage of natural gas, we think a more risk-averse Accumulate rating is appropriate."
For an analyst ratings summary and ratings history on Stone Energy click here. For more ratings news on Stone Energy click here.
Shares of Stone Energy closed at $20.15 yesterday.
The firm comments, "We are lowering our rating on SGY shares to Accumulate from Buy as the mid-point of management's 2013 production guidance was roughly 2.3 Mboepd less than our 46.3 Mboepd estimate and the proportion of that production composed of natural gas was 2% greater than our 48% forecast. Concurrently, we reduced our price target to $26 from $30. Capex of $650MM for 2013 was in line with our estimate. With lower than expected 2013 production, which management forecasts will be composed of a greater percentage of natural gas, we think a more risk-averse Accumulate rating is appropriate."
For an analyst ratings summary and ratings history on Stone Energy click here. For more ratings news on Stone Energy click here.
Shares of Stone Energy closed at $20.15 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ATB Capital Markets Downgrades The Westaim Corp. (WED:CN) (WEDXF) to Speculative Buy (2)
- Kotak Downgrades LG Electronics India (LGEL:IN) to Reduce (3)
- Barclays Downgrades Murphy Oil Corp. (MUR) to Underweight
Create E-mail Alert Related Categories
DowngradesSign 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!
