UPDATE: Stifel Nicolaus Cuts PT to $5.75 on PetroQuest Energy on 2013 Outlook
Stifel Nicolaus maintained PetroQuest Energy (NYSE: PQ) with a Buy rating and lowered the price target from $6.25 to $5.75.
Stifel Nicolaus said, "On the 2013 outlook, although capex is being cut, the key negatives include 1) lack of production growth and production coming in 3% lighter than our expectations, even after accounting for the Fayetteville sale, 2) no improvement in the liquids mix for 2013, versus our expectation of the liquids mix increasing from 23% in 2012 to 27% in 2013, and 3) a reduction in our 2013 CFPS outlook from $1.50 to $1.15."
PetroQuest Energy closed at $4.95 on Tuesday.
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