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Perpetual Energy Estimates Lowered By CIBC After Q4, 'Sector Outperformer' Maintained

 March 14, 2012 03:50 PM


CIBC World Markets Inc. lowered its estimates for Perpetual Energy Inc. (TSX:PMT.TO) after the company's fourth quarter results. The brokerage maintained its "Sector Outperformer" rating and $1.50 price target on shares of PMT.

Perpetual reported Q4 results that were essentially in-line on cash flow and a bit higher than expected on production. Q4 cash flow of $0.11/share was in-line with consensus, while actual quarterly production of 23,818 Boe/d was about 7% above CIBC's forecast.

Of note, PMT closed $67 million in asset dispositions in Q4 and thus far in Q1. The brokerage believes these sales are critical to the shoring up of Perpetual's balance sheet (and to backstopping the repayment of $75 million of convertible debentures set to mature on June 30, 2012).

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Perpetual's oil & NGL production reached 3,316 Bbls/d in the last week of December and the company expects to average 3,600 Bbls/d of liquids in 2012. Key to growing liquids volumes is the company's Mannville heavy oil play, where the company drilled 11 wells in Q1.

The brokerage reduced its 2012 cash flow per share estimate to $0.48 from $0.52, while maintaining its 2013 estimate of $0.78.

Perpetual Energy, an independent energy company, engages in finding, exploiting, producing, and marketing oil and gas based energy in Alberta, Canada.

PMT.TO is trading down 3.70% at $0.78 on Wednesday.

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