Market Overview

UPDATE: Global Hunter Securities Downgrades Endeavour International Corporation to Accumulate

Related END
Endeavour International Corporation Announces Closing Of $440M Senior Secured First Lien Term Loan And Forbearance Agreement With Noteholders
Stocks Hitting 52-Week Lows

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.

Latest Ratings for END

DateFirmActionFromTo
Aug 2014Canaccord GenuityMaintainsHold
Jul 2014FBR CapitalDowngradesOutperformMarket Perform
Jun 2014Canaccord GenuityMaintainsHold

View More Analyst Ratings for END
View the Latest Analyst Ratings

Posted-In: Global Hunter SecuritiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (END)

Around the Web, We're Loving...

Get Benzinga's Newsletters