Miller Tabak Reiterates Buy Rating, $46 PT on Energy XXI (Bermuda) Limited on Reduced Production Estimate

In a report published Wednesday, Miller Tabak analyst Adam Michael reiterated a Buy rating and $46.00 price target on Energy XXI (Bermuda) Limited

. In the report, Michael noted, “Energy XXI announced current production of 46,000 Boe/d (30,000 oil) and said Q3 should average 44,000 Boe/d (29,000 oil). EXXI previously guided Q3 oil production to 30,000 - 32,000 bopd and Q4 oil production to 36,000 – 38,000 bopd. Timing of new wells being brought online due to weather delays was cited as the primary cause of the production miss. We are reducing our Q3 production estimate to match the new company guidance, as well as lowering our Q4 production estimate to 51,900 Boe/d (from 53,500Boe/d) which is the lower end of prior guidance. We have also cut our FY2014 production to 58,800 Boe/d from 61,400 Boe/d to reflect for higher downtime due to future weather delays.” Energy XXI (Bermuda) Limited closed on Tuesday at $30.04.