Analyst Actions: Dundee Cuts Price Target on Petrominerales; Shares Down 5 Cents

By Midnight Trader,  June 20, 2012, 01:14:04 PM EDT

Dundee Securities has cut its price target on Petrominerales Ltd. (PMG.TO) by 50 cents to $24 in the wake of the company's operational update earlier this week that highlighted mixed exploration results and a 9% decline in company-wide production from the first quarter of 2012.

"Q2/12 production to date remains somewhat weak given the lack of material exploration success and has prompted us to revise down our estimates," analyst Alex Klein said in a research note.

"We are maintaining a buy on PMG due to its large prospect inventory and the potential for exploration upside from high-impact wells on Block 25 in Colombia and Block 126 in Peru. That said we believe the company must deliver more success on the exploration front, and ultimately more meaningful production growth. We are lowering our target price a marginal 2% due to the reductions in our cash flow forecasts."

Shares are down 0.05, or 0.4%, at $12.51 and have been hovering close to unchanged throughout today's session.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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