Market Overview

UPDATE: Global Hunter Securities Downgrades Plains Exploration & Production to Neutral Following Deal

Share:

Global Hunter Securities reduced its rating on Plains Exploration & Production (NYSE: PXP) from Accumulate to Neutral and reduced its price target $58 to $50

Global Hunter Securities noted, "In one of the more interesting series of developments in US oil and gas in some time, global mining company Freeport-McMoRan announced its intentions to buy not only Plains Exploration, but also McMoRan Exploration. Including assumption of the pro forma debt Plains incurred in order to close its recent acquisition of deepwater Gulf of Mexico assets from British Petroleum, Exxon and Shell, these deals are valued at about $20B. … We are downgrading shares of PXP to a Neutral rating from Accumulate and lowering our price target to $50 from $58 to reflect the deal valuation."

Plains Exploration & Production closed at $44.50 on Wednesday.

Latest Ratings for PXP

DateFirmActionFromTo
Apr 2013DowngradesOutperformSector Perform
Jan 2013DowngradesPositiveNeutral
Jan 2013DowngradesSector Perform

View More Analyst Ratings for PXP
View the Latest Analyst Ratings

Posted-In: Global Hunter SecuritiesAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (PXP)

View Comments and Join the Discussion!

Dex One, SuperMedia Announce Deal with Lender Steering Committee, Amend Merger Agreement

Primoris Services Corporation Announces Acquisition of Q3 Contracting