Venoco (NYSE:VQ), which engages in the acquisition, exploration, and development of oil and natural gas properties, had disappointing results from their Monterey shale project, pushing the share price of the company down.
Even so, Barclays (NYSE:BSC) said they're maintaining an "Equalweight" on the company.
"Results from first onshore horizontal Monterey well were disappointing; however, we believe the play still holds significant potential and will be the primary share price driver...We are revising our FY10 EPS/DCFPS estimates to $0.50/$2.95 from $0.55/$3.00 and our FY11 EPS/DCFPS estimates to $0.65/$3.35 from $1.00/$3.70," said Barclays.
Venoco shares plummeted, closing Tuesday at $16.53, losing $0.47, or 2.76 percent. Barclays has a price target of $25 on the energy company.
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