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.
Showing posts with label Global Hunter. Show all posts
Showing posts with label Global Hunter. Show all posts
Thursday, November 4, 2010
Friday, October 29, 2010
Hercules Offshore (Nasdaq:HERO) EPS Estimates Lowered for 2011
Hercules Offshore, Inc. (Nasdaq:HERO) faces a number of challenges going forward, even though their third-quarter results beat expectations, although they were fairly low to begin with.
Global Hunter said, "HERO reported a 3Q EPS (loss) of ($0.13), ahead of our expectations of ($0.20) and consensus at ($0.17). With revenue largely in line ($168MM vs $170MM exp), HERO beat our expectations on costs ($124MM vs $129MM exp), as well as D&A and tax benefit. However, near-term concerns loom given the potential for a covenant breach, a US jackup slowdown with low/mid $3 gas and lower international dayrates. We are trimming our 2011 EPS estimate to ($0.40) from a ($0.28) and lowering our price target to $3.10. Given meaningful upside still, we reiterate our rating."
Global maintained their "Buy" on Hercules, although lowering their price target from $3.60 to $3.10. The oil and gas services company closed at $2.31, dropping $0.07, or 2.94 percent.
Global Hunter said, "HERO reported a 3Q EPS (loss) of ($0.13), ahead of our expectations of ($0.20) and consensus at ($0.17). With revenue largely in line ($168MM vs $170MM exp), HERO beat our expectations on costs ($124MM vs $129MM exp), as well as D&A and tax benefit. However, near-term concerns loom given the potential for a covenant breach, a US jackup slowdown with low/mid $3 gas and lower international dayrates. We are trimming our 2011 EPS estimate to ($0.40) from a ($0.28) and lowering our price target to $3.10. Given meaningful upside still, we reiterate our rating."
Global maintained their "Buy" on Hercules, although lowering their price target from $3.60 to $3.10. The oil and gas services company closed at $2.31, dropping $0.07, or 2.94 percent.
Thursday, October 7, 2010
Clayton Williams (Nasdaq:CWEI) Gets Rated "Buy" in Initial Coverage by Global Hunter
Global Hunter Securities initiated coverage on Clayton Williams Energy (Nasdaq:CWEI), and started them off with a "Buy" rating, citing shift to resource plays.
"In 2009, Clayton Williams Energy began to shift its focus away from exploration and more toward resource plays with lower-risk repeatability. In addition, the company has focused more of its capital spending on oilier plays. These shifts are just beginning to have an impact on the company’s production, with sequential oil production growth in each of the past three quarters, and sequential declines in gas production, overall production has been flat. With oil output accelerating substantially in the back half of 2010 (and beyond), we should see total production up sequentially in 3Q10, with positive year-over-year comparisons setting in firmly by 2Q11," Global said.
Clayton surged on Wednesday, closing at $53.22, gaining $2.55, or 5.03 percent. Global has a price target of $99 on them.
"In 2009, Clayton Williams Energy began to shift its focus away from exploration and more toward resource plays with lower-risk repeatability. In addition, the company has focused more of its capital spending on oilier plays. These shifts are just beginning to have an impact on the company’s production, with sequential oil production growth in each of the past three quarters, and sequential declines in gas production, overall production has been flat. With oil output accelerating substantially in the back half of 2010 (and beyond), we should see total production up sequentially in 3Q10, with positive year-over-year comparisons setting in firmly by 2Q11," Global said.
Clayton surged on Wednesday, closing at $53.22, gaining $2.55, or 5.03 percent. Global has a price target of $99 on them.
Friday, September 24, 2010
Global Hunter Initates Coverage on Callon Petroleum (NYSE:CPE)
Global Hunter said it has initiated coverage on Callon Petroleum (NYSE:CPE), starting them off with a "Buy" rating, citing their move away from exposure to the Gulf of Mexico.
"Callon Petroleum Company refocused its exploration and production efforts onshore in the Permian Basin and North Louisiana, away from its historical focus in the Gulf of Mexico," said Global.
Callon closed Thursday at $3.81, gaining $0.06, or 1.60 percent.
Global has a price target of $7.30 on the oil company.
"Callon Petroleum Company refocused its exploration and production efforts onshore in the Permian Basin and North Louisiana, away from its historical focus in the Gulf of Mexico," said Global.
Callon closed Thursday at $3.81, gaining $0.06, or 1.60 percent.
Global has a price target of $7.30 on the oil company.
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