Pritchard Capital Rates Petroquest Energy As Buy (PQ)
August 06, 2010 11:11 AM
Pritchard Capital Partners rates shares of Petroquest Energy (NYSE: PQ) a “buy” after the company reported 2Q10 EPS/CFPS that exactly matched PCP estimates. The analysts at Pritchard Capital have also set a price target of $9.00 on the stock.
The analysts at PCP note, “We like PQ for its solid long-term asset base and free cash flow generating capabilities.” Analysts also added, “NEE acquired a 50% interest in PQ's undeveloped Woodford acreage position and approximately 25 Bcfe of the company's Woodford PUD reserves. PQ plans to accelerate drilling in the Woodford by bringing in a second operated rig in September, a third in Q4 2010, and two more by mid 2011. We believe the partnership with NEE could lead to opportunities for PQ to participate in other attractive plays in the future.”
Shares of PQ are currently trading at $5.83, down 18 cents in early morning trade.
