- Bill Barrett (BBG +10.2%) is upgraded to Sector Outperform from Sector Perform with an $11 price target, raised from $6, at Scotia Howard Weil, which notes that BBG has strengthened its balance sheet by monetizing several non-core assets for $79M this year and recently put its Uinta asset on the market.
- The firm estimates BBG has $160M in cash with nothing drawn on its $350M revolver, and models 2016 cash flow at ~$150M, which is in line with its one-rig capex assumption.
- Weil notes that while the stock has improved recently, shares still trade at just 4.7x 2016 EBITDA and at 53% of its NAV.