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Macquarie Equities Research Reaffirms OUTPERFORM Rating and Share Price for Bellatrix

Research firm Macquarie Equities Research reaffirmed its target share price of C$6.25 and its OUTPERFORM rating for Bellatrix (BXE:TSX). Macquarie gave the rating because Bellatrix is trading at a four times multiple of EV/DACF when the rest of the stocks in its group are trading at an average multiple of 5.5x. 

Bellatrix announced its Q2 results on September 2, which provided guidance on its 2012 operations. This guidance indicated daily average production of 17.0 thousand barrels of oil equivalent, plans to spend C$180 million and the company announced it will begin drilling its first horizontal Duvernay well in Q1.

The research firm originally estimated that production would average 15.7 thousand barrels of oil per day equivalent in 2012. This prediction was revised to 16.5 thousand barrels of oil per day equivalent from expected gains in efficiency.

Bellatrix opened at C$4.00 on September 7 after closing at C$3.98. The company recently reached a 52-week high of C$6.19 and a 52-week low of C$3.36.  



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