Bill Barrett -15% on weak output guidance, Global Hunter downgrade


Bill Barrett (BBG -15.5%) plunges after the oil and gas explorer updated its production forecast for 2014, which prompts a downgrade from Global Hunter.

BBG said it expects to produce 11M-12.2M boe this year, which falls below its estimated production of 14.5M boe for 2013, and forecast a 30% growth in 2014 oil production, below analyst estimates of 50% growth.

Global Hunter cuts shares to Neutral from Accumulate and lowers its price target to $30 from $35, believing BBG's current multiple is too rich given its oil growth rate; also, comparable alternatives oast a stronger growth profile and fund a larger proportion of capex with internally generated cash flow.

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