Analyst Actions: PetroBakken Energy Up From Near Yr Lows Despite Canaccord Genuity Downgrade
PetroBakken Energy Ltd. (PBN.TO) second-quarter results were well below expectations as production dipped and operating costs rose, the Globe and Mail reported. Although current production is increasing again, Canaccord Genuity analyst Kyle Preston is doubtful the company will be able to achieve its year-end target rate of 46,000 to 49,000 barrels of oil equivalent per day. He's also "becoming increasingly concerned" about its debt levels.
Preston downgraded his recommendation to Speculative Buy from Buy but maintained a $20 price target.
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