Zacks reaffirmed their neutral rating on shares of Plains Exploration & Production Company (NYSE: PXP) in a research note released on Friday morning. They currently have a $48.00 price target on the stock.
Zacks’ analyst wrote, “Plains Exploration & Production’s fourth-quarter 2012 earnings per share missed the Zacks Consensus Estimates, while revenue was ahead of the projection primarily due to strong contribution from the Eagle Ford Shale and steady performance from the Californian operations. We believe the company’s strong balance sheet and liquidity position, asset rebalancing strategy, liquid-rich profile, and development of onshore assets in several locations, will act as future growth drivers. However, we are skeptical about uncertainties associated with switching to alternate energy from oil for power generation, prevailing production curtailment in the manufacturing sector and reduction in power generation and volatile commodity prices. After evaluating these factors, we prefer to maintain our Neutral recommendation.”
Shares of Plains Exploration & Production Company opened at 45.15 on Friday. Plains Exploration & Production Company has a 52 week low of $30.12 and a 52 week high of $48.47. The stock’s 50-day moving average is currently $47.35. The company has a market cap of $5.882 billion and a P/E ratio of 19.46.
Several other analysts have also recently commented on the stock. Analysts at Susquehanna downgraded shares of Plains Exploration & Production Company from a positive rating to a neutral rating in a research note to investors on Monday, January 14th. They now have a $48.00 price target on the stock. Separately, analysts at Howard Weil downgraded shares of Plains Exploration & Production Company from an outperform rating to a market perform rating in a research note to investors on Monday, January 7th. They now have a $50.00 price target on the stock. Finally, analysts at KeyBanc reiterated a hold rating on shares of Plains Exploration & Production Company in a research note to investors on Monday, December 17th.
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