Bill Barrett downgraded at Howard Weil as production woes puzzle

Bill Barrett (BBG +0.7%) is downgraded to Sector Perform from Outperform with a new $34 price target, down from $30, at Howard Weil, which says it likes BBG spending the majority of its capital in the Niobrara but is puzzled about why the 29 Niobrara completions in Q4 has failed to translate into higher production.

H1 production is expected to be flat vs. Q4 2013 and lower than prior estimates, the firm says; BBG is on the right track but needs to delineate the acreage position before it deserves a better recommendation.

Comments (2)
  • dutchduke
    , contributor
    Comments (58) | Send Message
    $34 down from $30?


    HW is not a real research shop, just sales bums. Wouldn't be surprised if that was in their actual note
    24 Feb 2014, 01:00 PM Reply Like
  • Maobama
    , contributor
    Comments (487) | Send Message
    First downgrade that I've seen where the stock target is raised.


    Seems idiotic.
    24 Feb 2014, 03:48 PM Reply Like
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