≡ Menu

Macquarie States That 2Q11 Results Hampered by Increased Operational Expenses

Macquarie Equities Research (MER) said that although second quarter 2011 results for PetroBakken Energy (PBN:TSX) were slightly below expectations, MER was maintaining its rating of NEUTRAL for the company's stock.

Macquarie stated that they originally expected a moderate quarter from the Calgary, Alberta-based excavator of oil, but operating expenses for every barrel of oil extracted were significantly higher than predicted. The sharp increase in operating expenses reduced earnings per share (EPS) to $0.81, about 10 percent lower than Macquarie's prediction of $0.88.

PetroBakken – which closed on Monday, August 8, at $10.29 per share – stated its opinion that extremely adverse weather conditions served to decrease supply and therefore increase operating expenses per barrel. The company predicted that the cost of production increased $3.50 per barrel because of wet weather in Central Alberta and southeast Saskatchewan.

In light of this new information, Macquarie has reduced its CFPS predictions for 2011 and 2012 by 6 percent each. This changes the equities research firm estimates to $3.56 in 2011 and $4.05 for 2012.

PetroBakken's stock has had a low of $10.18 and a high $23.70 in the last 52 weeks.
 



[[T_F]]Data Leak Prevention – Data Security Solutions – Information Theft Protection, Detection and Prevention Software Productstracefusion_signature=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[[T_F]]

Hide me
Get My Top Oil Pick of 2018—Absolutely FREE—click HERE
Enter Your Best Email Address Here: *
Show me