Earnings Preview: Plains Exploration & Production Company

| About: Plains Exploration (PXP)

Plains Exploration & Production Company (NYSE:PXP) is expected to report Q2 earnings before market open Wednesday, August 6, with a conference call scheduled for 9:00 a.m. ET.

Guidance

Analysts are looking for EPS of $1.61 on revenue of $666.67M. The consensus range is $1.41 to $1.80 for EPS, and $617.6M to $693M for revenue, according to First Call. The company reported strong Q1 results, beating consensus estimates on both EPS and revenue.

Analyst Views

In May, the company was upgraded to Buy from Neutral by UBS, who cited valuation for the upgrade. The firm also raised the target price for the company to $80 from $75. On July 7, Coker & Palmer raised its target as the firm believes the company's joint venture in the Haynesville Shale should generate significant growth. The firm also maintained its Buy rating on the company's stock.