Anadarko Petroleum (APC) PT Raised to $101 at KLR Group
KLR Group raised its price target on Anadarko Petroleum (NYSE: APC) to $101.00 (from $91.00) while maintaining a Buy rating. The price change is due to lower operating/overhead expense, a further ~3% reduction in shares outstanding and lower cash taxes.
2018 production expectation of ~665 Mboepd approximates the midpoint of company guidance (652-679 Mboepd) though oil expectations of ~385 Mbopd is in the upper half of guidance (370-390 Mbopd).