On Jun 27, Zacks Investment Research upgraded PetroQuest
Energy Inc. ( PQ ) to a Zacks Rank #1
(Strong Buy).OASIS PETROLEUM (OAS): Free Stock Analysis
ReportPETROQUEST ENGY (PQ): Free Stock Analysis
ReportSANDRDG MS T II (SDR): Free Stock Analysis
ReportSANCHEZ ENERGY (SN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment
Why the Upgrade?
This oil and natural gas exploration and production company
delivered positive earnings surprises in the first quarter of 2013
reversing the trend of negative surprises in the previous two
quarters. PetroQuest Energy has witnessed an upward revision in
earnings estimates on the back of strong first quarter
PetroQuest Energy's first quarter 2013 earnings per share came in
at 4 cents, surpassing the Zacks Consensus Estimate by 100%.
PetroQuest Energy continues to perform well with its daily
production touching 91,729 thousand cubic feet equivalent (Mcfe),
reflecting an increase of 2.2% from the prior-year quarter.
Strategic acquisitions play a vital role in PetroQuest Energy's
overall performance. Inorganic assets contributed nearly
33.0% of total revenues in the first quarter of 2013. In Jun 2013,
the company decided to acquire some shallow water Gulf of Mexico
assets, which will further boost the top-line.
PetroQuest Energy continues to develop its existing properties
through strategic capital investments. The development of the La
Cantera prospect in the Gulf Coast region where PetroQuest Energy
acquired seismic data opens up new production opportunities for the
For 2013, the company plans to make capital investment in the
range of $80 million to $100 million. This expenditure will
increase the production capabilities of the company.
The Zacks Consensus Estimate for 2013 increased 42.9% in the last
60 days to 30 cents per share as 4 out of 5 estimates were revised
Other Stocks to Consider
Besides PetroQuest Energy other operators in the industry with a
favorable Zacks Rank are Oasis Petroleum Inc. ( OAS ), Sanchez
Energy Corporation ( SN ) and
Sandridge Mississippian Trust II ( SDR ). All these
companies presently carry a Zacks Rank #1 (Strong Buy).