Citing the increased number of wells and beating production estimates, Global Hunter Securities likes the growth prospects of Brigham Exploration Co. (Nasdaq:BEXP), raising their price target on them and maintaining a "Buy."
"BEXP increased its fourth quarter guidance to 10.2-10.8 Mboped with 77% of volumes now oil. We are published at 10 Mboped for 4Q10 but moving volumes up to the top end of the range causing our previous respective 4Q10 EPS and CFPS of $0.11 and $0.25 to $0.12 and $0.37, as well as increasing our total year 2010 EPS and CFPS estimates from $0.42 and $1.02 to $0.52 and $1.18, respectively. BEXP is continuing the trend in 2011 with the addition of seven wells to our model resulting in our production estimates climbing from 13,927 Boepd to 16,134 Boepd prompting an increase in EPS and CFPS estimates from $0.70 and $1.98 to $0.87 and $2.35, respectively. Please note that full year 2011 EBITDA is increasing by $41.3 million," said Global.
Brigham closed Wednesday at $22, rising $0.83, or 3.92 percent. Global has a price target of $29.50 on them.
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