ATP analysts cut price targets
YORK Wednesday morning news ATP Oil & Gas Corporation fell 63 cents Tuesday, closing at 9.80 U.S. dollars, down 6.04%. Analysts lowered the stock rating and target price, said oil production will be lower than the ATP's goal, the company requires additional financing.
Jefferies's target price lowered from 17 U.S. dollars 10 U.S. dollars. Analysts pointed out that the Gulf of Mexico oil spill led to "production delays and increased risk of future operations."
ATP2010-year analysts expect oil production to 850 million barrels of oil equivalent, and the company's goal is to 9000000-1000 million barrels a day.
In addition, JP Morgan Chase to ATP rating from "equal weight," citing a "low ticket" and said the stock and the financing needs of the current premium is likely to exceed market expectations.
JP Morgan analyst Joseph Allman of the company needs additional financing is expected to 500 million U.S. dollars to generate free cash flow in 2012. He's 10 U.S. dollars to maintain the stock price target unchanged.
