Citigroup (NYSE:C) raised the price target they have on Devon Energy (NYSE:DVN), while maintaining a "Hold" rating on the energy company.
Earnings per share for the full year was also lowered from $5.76 to $5.73 for 2010, and from $5.23 to $5.96 for 2011.
Devon rose with the rest of the commodity and energy sector Thursday, closing the trading day at $69.60, gaining $1.38, or 2.02 percent.
Citigroup raised their price target on Devon from $68 to $72.
Showing posts with label Guidance. Show all posts
Showing posts with label Guidance. Show all posts
Friday, November 5, 2010
Wednesday, November 3, 2010
Anadarko (NYSE:APC) Building Up Strong Cash Balance, Production Guidance Down
The latest quarterly report of Anadarko Petroleum (NYSE:APC) was somewhat mixed, reflecting lower international production, but stronger production in the U.S.
Ticonderoga did say one thing they like is the way Anadarko is building up their cash balance.
"Anadarko reported its 3Q last night. The GAAP results were ($0.05)/share versus our ($0.10)/share estimate. Adjusted earnings were $0.26/share versus consensus of $0.29/share. 3Q production was 629.3 kboe/d versus our 613.5 kboe/d estimate. U.S. oil production was at the high end of company guidance, while international oil production was at the low end of guidance. 4Q production is forecast to be down 2% to 617 kboe/d based on the midpoint of guidance. Previously, we had been forecasting production to be up 1%. Most notably, U.S. gas production next quarter is forecast to be down 5.5% over 3Q," said Ticonderoga.
"We are marking our estimates to reality and incorporating 4Q guidance. Our 4Q estimate rises to ($0.23)/share from ($0.17)/share, and the full year increases to $1.06/share from $0.94/share. Most interestingly on the financial front is the fact that APC is amassing a considerable cash balance."
Anadarko closed up at $63.82, gaining $0.66, or 1.04 percent on Tuesday. Ticonderoga maintains a "Neutral" rating on them.
Ticonderoga did say one thing they like is the way Anadarko is building up their cash balance.
"Anadarko reported its 3Q last night. The GAAP results were ($0.05)/share versus our ($0.10)/share estimate. Adjusted earnings were $0.26/share versus consensus of $0.29/share. 3Q production was 629.3 kboe/d versus our 613.5 kboe/d estimate. U.S. oil production was at the high end of company guidance, while international oil production was at the low end of guidance. 4Q production is forecast to be down 2% to 617 kboe/d based on the midpoint of guidance. Previously, we had been forecasting production to be up 1%. Most notably, U.S. gas production next quarter is forecast to be down 5.5% over 3Q," said Ticonderoga.
"We are marking our estimates to reality and incorporating 4Q guidance. Our 4Q estimate rises to ($0.23)/share from ($0.17)/share, and the full year increases to $1.06/share from $0.94/share. Most interestingly on the financial front is the fact that APC is amassing a considerable cash balance."
Anadarko closed up at $63.82, gaining $0.66, or 1.04 percent on Tuesday. Ticonderoga maintains a "Neutral" rating on them.
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