PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration & Production (NYSE:PXP) all rose in price Thursday, increasing with the broader commodity sector on news of the quantitative easing about to be implemented by the Federal Reserve, which will add about $600 billion to the money supply over the next several months, placing the value of the U.S dollar at even more threat.
Oil price, as well as most commodity prices, responded as expected, moving up across the board, with gold growing to record levels again, closing in on $1,400 an ounce, while silver rose to over $26 an ounce. Aluminum increased to price levels not seen since April.
Light, sweet crude for December delivery settled the trading session increasing $1.80a barrel on the New York Mercantile Exchange at $86.49.
PDC Energy closed at $35.72 Thursday, rising $1.72, or 5.06 percent. PetroQuest Energy surged to close at $6.64, gaining $0.46, or 7.44 percent. Plains Exploration & Production was up to $29.55 at the end of the trading session, gaining $1.01, or 3.54 percent.
Showing posts with label Plains Exploration. Show all posts
Showing posts with label Plains Exploration. Show all posts
Friday, November 5, 2010
Wednesday, October 20, 2010
Plains Exploration & Production (NYSE:PXP) Downgraded by FBR Capital
Plains Exploration & Production (NYSE:PXP) was downgraded by FBR Capital from
"Outperform" to "Market Perform."
"Assuming current MMR stock price (our $4.50/Mcf long-term gas price assumption implies about 6 Tcfe gross deep shelf potential priced in) and a generous $2 billion in proceeds from deepwater asset sales, the remaining assets are currently valued at 4.7 times 2011 TEV multiple and 70% of 3P NAV. We note that comparable peer group trades at 5.5x and 55% of 3P NAV. We would like to see an actual price tag for the deepwater assets, continued deep shelf exploratory and development success, and execution on the remaining assets before we revisit our rating," said FBR.
Plains closed at $26.49 Tuesday, falling $1.23, or 4.44 percent. FBR has a price target of $30 on Plains.
"Outperform" to "Market Perform."
"Assuming current MMR stock price (our $4.50/Mcf long-term gas price assumption implies about 6 Tcfe gross deep shelf potential priced in) and a generous $2 billion in proceeds from deepwater asset sales, the remaining assets are currently valued at 4.7 times 2011 TEV multiple and 70% of 3P NAV. We note that comparable peer group trades at 5.5x and 55% of 3P NAV. We would like to see an actual price tag for the deepwater assets, continued deep shelf exploratory and development success, and execution on the remaining assets before we revisit our rating," said FBR.
Plains closed at $26.49 Tuesday, falling $1.23, or 4.44 percent. FBR has a price target of $30 on Plains.
Thursday, October 7, 2010
Plains Exploration (NYSE:PXP) Acquires More Eagle Ford Shale Property
Backing up its stated strategy of investing in more onshore assets, Plains Exploration & Production (NYSE:PXP) announced it has acquired property in Eagle Ford shale in Texas.
Plains spend $578 million for the acquisition, and may spend more in the area, or possibly in the Bakken Shale area of North Dakota, although the major moves the company has made are for the most part completed it said.
CEO James Flores said, "The Eagle Ford transaction adds a high-quality oil asset with substantial reserve and oil production growth opportunities."
The company added there is a lot of interest in their Gulf of Mexico offshore assets, which they have offered for sale.
Plains spend $578 million for the acquisition, and may spend more in the area, or possibly in the Bakken Shale area of North Dakota, although the major moves the company has made are for the most part completed it said.
CEO James Flores said, "The Eagle Ford transaction adds a high-quality oil asset with substantial reserve and oil production growth opportunities."
The company added there is a lot of interest in their Gulf of Mexico offshore assets, which they have offered for sale.
Wednesday, September 15, 2010
Plains Exploration (NYSE:PXP) Upgraded by Hapoalim Securities
Hapoalim Securities upgraded Plains Exploration (NYSE:PXP) to "Buy," with a price target of $30.
"While PXP decides what to do with $1.4 billion bank credit, and $1.4 billion Cash ($2.8 billion), we believe there is an opportunity to own the stock on 2011 metrics post sale: production per debt adjusted share, cash margins, capital intensity, and EV/CF versus peers," said Hapoalim.
Most of Plains development, exploration, and production of oil and gas properties is performed in the U.S.
Plains closed Tuesday at $25.60, up $0.12, or 0.47 percent.
"While PXP decides what to do with $1.4 billion bank credit, and $1.4 billion Cash ($2.8 billion), we believe there is an opportunity to own the stock on 2011 metrics post sale: production per debt adjusted share, cash margins, capital intensity, and EV/CF versus peers," said Hapoalim.
Most of Plains development, exploration, and production of oil and gas properties is performed in the U.S.
Plains closed Tuesday at $25.60, up $0.12, or 0.47 percent.
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