Brean Capital Sees Production Still Going The Wrong Way For BPZ Resources Inc

In a report published Tuesday, Brean Capital analyst Curtis Trimble reiterated a Buy rating and $4.00 price target on

. In the report, Brean Capital noted, “BPZ's production in Q3:14 declined even further than we estimated it would in our August 1st note when we cut production for Q3:14 to 3.0 Mboepd from 4.0 Mboepd. Production thus far in Q3:14 averaged 2,387 boepd for the company. As a result, we, again, reduce our expectations for 2014 to 2,690 boepd of average production with resulting CFPS of $0.30 vs. prior expectations for 3.1 Mboepd of production and CFPS of $0.32. While maintaining our Buy rating and $4 target price, we await details from the company's onshore exploration program, which should be available next month, as well as for the A-18D sidetrack at Albacora that will be completed in both already-producing zones in the field as well as new, deeper zones recently discovered in the Albacora A-26D well.” BPZ Resources Inc closed on Monday at $2.10.