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Friday, March 29, 2024

UPDATE: Mizuho Upgrades Bill Barret Corporation

Courtesy of Benzinga.

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In a note released Wednesday morning, Mizuho analyst Jeffery Connolly upgraded shares of Bill Barret Corporation (NYSE: BBG) from Neutral to Buy and raised the price target from $24 to $28.

Following the announcement of transactions that complete Barrett's transition to a Rockies oil producer, Connolly stated, "lower leverage, a leaner, more attractive portfolio, and improved growth trajectory should generate multiple expansion."

Building on this, Connolly noted the company sold 12,000 acres at the Gibson Gulch and 46,510 net acres in the Powder River Basin. The transactions had a total value of $757 million, which resulted $568 million of cash proceeds that the company will use to pay down its $280 million revolving credit facility.

Looking ahead, Connolly is predicting $135 million in revenue for the third quarter with an EPS of $0.09.

Latest Ratings for BBG

Date Firm Action From To
Sep 2014 Morgan Stanley Maintains Equal-weight
Sep 2014 Mizuho Securities Upgrades Neutral Buy
Aug 2014 Global Hunter Upgrades Neutral Buy

View More Analyst Ratings for BBG
View the Latest Analyst Ratings

Posted-In: Jeffery Connolly mizuhoAnalyst Color News Upgrades Price Target Analyst Ratings

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