Bill Barrett downgraded at Howard Weil as production woes puzzle

|About: Bill Barrett Corporation (BBG)|By:, SA News Editor

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.