Wednesday, November 3, 2010

Anadarko Petroleum (NYSE:APC) Raises Production Guidance for 2010

Based on their stronger-than-expected quarterly performance, Anadarko Petroleum (NYSE:APC) increased their production guidance for 2010, and UBS (NYSE:UBS) agrees with them, raising their price target on the oil company while maintaining a "Buy" rating on them.

UBS said, "APC raised 2010 production guidance by 0.5 MMBoe to 233-236 MMBoe (entirely due to stronger than expected 3Q), trimmed its capex budget by $150 million, and raised per unit cost guidance 2%. We’re adjusting ‘10 EPS/CFPS from $1.75/10.85 to $1.55/$10.60 while maintaining ’11 EPS/CFPS at $2.10/$12.20."

Anadarko closed Tuesday's session at $63.82, increasing $0.66, or 1.04 percent. UBS raised their price target on the company from $66 to $72.

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