UPDATE: Global Hunter Securities Downgrades Swift Energy to Accumulate on Production Shortfall

Global Hunter Securities lowered its rating on Swift Energy SFY from Buy to Accumulate and reduced its price target from $34 to $28. Global Hunter Securities noted, "SFY's Q3 financial performance of $0.07 in EPS and $1.66 in CFPS was better than expected ($0.01/$1.58), driven by higher oil price realizations, but production of 31.3 Mboepd failed to achieve our already reduced estimate of 33.7 Mboepd. An operational issue served as the primary explanation for the production shortfall. As a result of execution risk creating a negative sentiment overhang, we believe that SFY shares warrant a more risk-averse stance. As a result, we are reducing our rating to Accumulate (from Buy) and our price target to $28 (from $34)." Swift Energy closed at $15.56 on Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorDowngradesIntraday UpdateAnalyst RatingsGlobal Hunter Securities
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!