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SMALL BUSINESS
Ahead of the Bell: Bill Barrett upgraded to "Buy"
AP
NEW YORK -Bill Barrett Corp. shares are positioned to rise, said an analyst on Thursday as he upgraded the natural gas and oil producer's stock.
SunTrust Robinson Humphrey analyst John Gerdes upgraded the company's stock to "Buy" from "Neutral," citing its "unjustified" 40 percent discount to its sector peers.
Shares of Bill Barrett closed at $35.56 on Thursday. Gerdes raised his price target for the stock to $46, up from $39.
Bill Barrett is well-positioned, given its array of gas development opportunities in the Rocky Mountains, diverse properties and highly competitive technical understanding of Rocky Mountain gas-producing formations, Gerdes said.
Adding to the good news, Gerdes noted, is the company's emerging resource potential in the Paradox Basin Gothic Shale. He added that the company's November earnings conference call could be a positive catalyst for the shares if it successfully improves well productivity and addresses salt intrusion issues at these properties.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-15 09:06:12
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