The last quarterly report by Key Energy Services (NYSE:KEG) wasn't too impressive, but Canaccord Genuity sees things improving for them going forward, and maintain a "Buy" rating on them.
"We reiterate our BUY rating on KEG as we expect pricing to gain more traction in the US well servicing business driven by a high oil price and an increasing oil-directed rig count, stronger coiled tubing demand, equipment going to work in new locations internationally like Colombia and Bahrain, and integration of its OFS Energy acquisition," said Canaccord.
Key Energy closed Friday at $9.85, down $0.20, or 1.99 percent. Canaccord has a price target of $13.50 on them.
Showing posts with label Rating. Show all posts
Showing posts with label Rating. Show all posts
Monday, November 1, 2010
Patterson-UTI Energy (Nasdaq:PTEN) Could Benefit from Traditional Markets
Even though Canaccord Genuity kept their "Hold" rating on Patterson-UTI Energy (Nasdaq:PTEN), they see a potential catalyst in their traditionally strong markets, specifically in rig deployments and pressure pumping fleet.
Canaccord said, "Although we have PTEN at a HOLD, we continue to warm up to the story as we believe that the next catalysts could come in the integration and expansion of its pressure pumping fleet and further rig deployments in PTEN’s traditionally strong geographic markets. We are biased to the upside on PTEN and have admittedly been caught a little flat footed with PTEN’s outperformance over the past two months."
Patterson closed Friday at $19.41, gaining $0.24, or 1.25 percent. Canaccord has a price target of $22 on the company.
Canaccord said, "Although we have PTEN at a HOLD, we continue to warm up to the story as we believe that the next catalysts could come in the integration and expansion of its pressure pumping fleet and further rig deployments in PTEN’s traditionally strong geographic markets. We are biased to the upside on PTEN and have admittedly been caught a little flat footed with PTEN’s outperformance over the past two months."
Patterson closed Friday at $19.41, gaining $0.24, or 1.25 percent. Canaccord has a price target of $22 on the company.
Friday, October 15, 2010
Chesapeake Energy (NYSE:CHK) Will Remain the Same in Short Term
With Chesapeake Energy (NYSE:CHK) saying at its Analyst Day that they're going to continue with their strategy of acquiring acreage in 2011, Ticonderoga Securities said they see nothing to change the outlook for the company until they finish that stage of their operations.
Ticonderoga said, "CHK's outlook for 2011 of continued acreage spending with joint venture funding means more of the same in the near-term. Given the stock’s under performance, the market has clearly disagreed with management’s analysis of the value added behind the 5 major joint ventures agreements CHK has announced since mid-2008. Although CHK appears steeply undervalued at a P/NAV of 40%, we see nothing that has changed that view among investors and maintain our neutral rating on CHK as we look ahead to 2012."
On the other hand, once the expansion stage slows down, presumably in 2012, Chesapeake could begin a long upward run. That assumes they slow down spending and pay down their debt.
"Barring any new 'million acre plays' beyond what CHK sees today, the company would expect its aggressive acquisition of land to fall off in 2012, allowing the company to generate free cash flow and reduce debt in order to improve its investment grade," concluded Ticonderoga.
Ticonderoga maintains a "Neutral" on Chesapeake, which closed at $22.96 Thursday, dropping $0.28, or 1.20 percent.
Ticonderoga said, "CHK's outlook for 2011 of continued acreage spending with joint venture funding means more of the same in the near-term. Given the stock’s under performance, the market has clearly disagreed with management’s analysis of the value added behind the 5 major joint ventures agreements CHK has announced since mid-2008. Although CHK appears steeply undervalued at a P/NAV of 40%, we see nothing that has changed that view among investors and maintain our neutral rating on CHK as we look ahead to 2012."
On the other hand, once the expansion stage slows down, presumably in 2012, Chesapeake could begin a long upward run. That assumes they slow down spending and pay down their debt.
"Barring any new 'million acre plays' beyond what CHK sees today, the company would expect its aggressive acquisition of land to fall off in 2012, allowing the company to generate free cash flow and reduce debt in order to improve its investment grade," concluded Ticonderoga.
Ticonderoga maintains a "Neutral" on Chesapeake, which closed at $22.96 Thursday, dropping $0.28, or 1.20 percent.
Friday, August 13, 2010
Goldman (NYSE:GS) Maintains "Neutral" Rating on Anadarko (NYSE:APC)
Citing less political risk now that the Macondo oil well has been plugged by BP (NYSE:BP), Goldman Sachs (NYSE:GS) analyst said they're maintaining their "Neutral" rating on Anadarko Petroleum Corp. (NYSE:APC).
Goldman analysts said, "We remain Neutral rated as we see balanced risk/reward after recent outperformance, reflecting in part apparent more benign Gulf of Mexico political risk and progress sealing the Macondo well."
Anadarko Petroleum owns a 25 percent stake in the oil well in the Gulf that had been spilling oil into the ocean, which is what Goldman was referring to when talking about less political risk.
BP owns 65 percent of the well, and MOEX, 70 percent owned by Mitsui (Nasdaq:MITSY), owns the other 10 percent.
Goldman analysts said, "We remain Neutral rated as we see balanced risk/reward after recent outperformance, reflecting in part apparent more benign Gulf of Mexico political risk and progress sealing the Macondo well."
Anadarko Petroleum owns a 25 percent stake in the oil well in the Gulf that had been spilling oil into the ocean, which is what Goldman was referring to when talking about less political risk.
BP owns 65 percent of the well, and MOEX, 70 percent owned by Mitsui (Nasdaq:MITSY), owns the other 10 percent.
Friday, August 6, 2010
Goldman Sachs (NYSE:GS) Raises Price Target on Murphy Oil (NYSE:MUR)
Goldman Sachs (NYSE:GS) raised their price target on Murphy Oil (NYSE:MUR) from $61 to a hefty $67 a share, while maintaining their "Buy' rating on the energy company.
Murphy Oil was upgraded from "Neutral" to "Buy" on July 16.
Goldman's continued support of Murphy comes from their belief they'll become the first integrated oil business to be acknowledged for their expansion strategy in North America.
Murphy was down to $56.02 a share, a loss of $1.22, or 2.13 percent, as of 3:17 PM EDT.
Murphy Oil was upgraded from "Neutral" to "Buy" on July 16.
Goldman's continued support of Murphy comes from their belief they'll become the first integrated oil business to be acknowledged for their expansion strategy in North America.
Murphy was down to $56.02 a share, a loss of $1.22, or 2.13 percent, as of 3:17 PM EDT.
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