UPDATE: Imperial Capital Initiates Coverage on Bill Barrett Corporation on Decent Potential Upside
In a report published Friday, Imperial Capital analyst Ann Kohler initiated coverage on Bill Barrett Corporation (NYSE: BBG) with an In-Line rating and $30.00 price target.
In the report, Imperial Capital noted, “We are initiating coverage of BBG shares with an In-Line rating and a one-year price target of $30, offering 10% potential upside based on the recent share price. With acquisitions in the DJ and Uinta Basins in 2011 and 2012, and subsequent successful oil-focused drilling programs in the Basins, as well as the sale of natural gas properties in 2012 and 2013, BBG continues its transition towards a more balanced oil and gas portfolio. With acreage in the core of the Wattenberg, investors await the continued de-risking of BBG's acreage position, particularly as its drilling program moves to the southern portion of its Northeast Wattenberg acreage. Additionally, with the use of net proceeds from the sale of its West Tavaputs position on 12/10/13, BBG has met one of its top 2013 objectives – keeping year-end 2013 debt at or below the year-end 2012 level of $1.2bn.”
Bill Barrett Corporation closed on Thursday at $27.15.
Latest Ratings for BBG
|Dec 2014||Deutsche Bank||Maintains||Hold|
|Dec 2014||Global Hunter||Downgrades||Buy||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.