≡ 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 2019—Absolutely FREE—click HERE
Enter Your Best Email Address Here: *
Show me