UPDATE: Deutsche Bank Cuts PT to $26 on Bill Barrett; E&P Exposure to Commodity Moves
Deutsche Bank lowers its price target on Bill Barrett (NYSE: BBG) from $28 to $26 as it reiterates its Hold rating on shares.
Deutsche Bank comments, "E&Ps are again demonstrating exposure to the leading edge of commodity moves and proving that no matter how good the stock specific outlook, individual names cannot outrun macro headwinds. A key benchmark of intrinsic value in the upstream is proved reserve value (PV-10). Our work suggests that adjusted for the current forward curve (oil & natural gas) our group trades at levels last witnessed at the market lows last October (1.7x EV/PV-10 at current 48 month strip). A constructive backdrop, particularly should commodity prices stabilize."
BBG closed at $20.73 on Friday.
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