Peyto reported fourth quarter results that were in line to ahead of our expectations. While the Company has reduced 2016e E&D capital investment by $100 mm to $500-$550 mm, our volume growth and CFPS targets are actually up, a direct result of both lower operating and capital inputs embedded into our revised forecast. We reiterate our 12-month target price of $40.50/sh and Outperform ranking. Thematically, the current commodity price environment reminds us of the spring of 2012, and within that ....
04 Mar 2016
Announces Fourth Quarter Results, Impressive Attrition observed in Costs, Historically Low Capital Reinvestment e ciencies Ahead
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Announces Fourth Quarter Results, Impressive Attrition observed in Costs, Historically Low Capital Reinvestment e ciencies Ahead
Peyto Exploration & Development Corp. (0VCO:LON) | 0 0 (-0.5%) | Mkt Cap: 1,705m
- Published:
04 Mar 2016 -
Author:
Robert Fitzmartyn -
Pages:
8
Peyto reported fourth quarter results that were in line to ahead of our expectations. While the Company has reduced 2016e E&D capital investment by $100 mm to $500-$550 mm, our volume growth and CFPS targets are actually up, a direct result of both lower operating and capital inputs embedded into our revised forecast. We reiterate our 12-month target price of $40.50/sh and Outperform ranking. Thematically, the current commodity price environment reminds us of the spring of 2012, and within that ....