UPDATE: Global Hunter Securities Downgrades Endeavour International Corporation to Accumulate
Global Hunter Securities reduced its rating on Endeavour International Corporation (NYSE: END) from Buy to Accumulate and lowered its price target from $13 to $9.
Global Hunter Securities commented, "With news that the 2-2.5 Mbpd MacCulloch transaction didn't close (would have increased oil production 25%); no sign of Transocean's Prospect on location at Rochelle (we're now stripping any Q1:13 contribution from the field); and Alba struggling to hit its capacity of ~7,500 boepd again in Q4, we are lowering our estimates (2013 EBITDA down $66MM to $341MM), dropping our rating to Accumulate from Buy, and taking our price target from $13 to $9 (3x Q4:13 annualized EBITDA minus projected net debt)."
Endeavour International Corporation closed at $6.30 on Friday.
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