Thursday, November 4, 2010

Citigroup (NYSE:C) Raises Anadarko (NYSE:APC) PT After Earnings Report

Liking what they heard from Anadarko Petroleum Corp (NYSE:APC) from their latest earnings report, Citigroup (NYSE:C) maintained their "Buy" on the energy company, while raising their price target significantly on them.

Sales volume for the latest quarter came in at the high end of guidance for Anadarko.

Anadarko Chairman and CEO Jim Hackett said, "The portfolio continues to perform at a high level, enhancing our confidence in delivering upon the five-year objectives we presented in March, which include increasing production at a 7 to 9 percent compounded annual growth rate."

The company closed at $63.64 Wednesday, losing $0.18, or 0.28 percent. Citigroup raised their price target on Anadarko from $74 to $80.

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