logo
  Join        Login             Stock Quote

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).

[Related -Michael Kors Holdings Ltd. (KORS) Q1 Earnings Preview:]

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.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageIntegrated Device Technology Inc. (IDTI) Q1 Earnings Preview: Another Beat and Pop?

Integrated Device Technology Inc. (NASDAQ:IDTI) will issue first quarter 2015 financial results on July 28, read on...

article imageHerbalife Ltd. (NYSE:HLF) Q2 Earnings Preview: The Potential To Shock?

Herbalife Ltd. (NYSE:HLF) will release its second quarter 2014 financial results after the close of trading read on...

article imageHealth Net, Inc. (HNT): Potential to Be Huge Winners Says Bank of America

As of this keystroke, Health Net, Inc. (NYSE: HNT) shares are up around 4% on the day. The managed health read on...

article imageHomeAway, Inc. (AWAY) Q2 Earnings Preview: Top and Bottom Line Bullish Surprise?

HomeAway, Inc. (NASDAQ:AWAY) will report its financial results for the second quarter ended June 30, 2014 read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.