Zacks Reiterates Neutral Rating for Forest Oil (FST)
Forest Oil (NYSE:FST)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Monday. They currently have a $1.75 price target on the stock. Zacks‘s target price points to a potential upside of 7.36% from the company’s current price.
Zacks’ analyst wrote, “We have reiterated our Neutral recommendation on Forest Oil. The company’s effort to expand its liquid production in order to maximize its margin is gaining traction. Forest Oil has a growing upstream presence in the emerging basins of Texas, Canada and Mexico. Eagle Ford’s core acreage position in the play’s Gonzales and Wilson Counties has produced some of the most proven inexhaustible wells to date. Going forward, we believe that attractive economics in the new shallow oil zones in the Texas Panhandle, including the Missourian Wash and the Cleveland formations, will help it gain momentum. However, the company’s highly leveraged balance sheet and higher spending level remain concerns. Moreover, Forest Oil is highly exposed to volatile natural gas fundamentals, which might impact the company’s performance. “
Forest Oil (NYSE:FST) traded up 2.52% on Monday, hitting $1.63. The stock had a trading volume of 839,336 shares. Forest Oil has a 52-week low of $1.52 and a 52-week high of $6.67. The stock has a 50-day moving average of $1.93 and a 200-day moving average of $2.10. The company has a market cap of $191.3 million and a P/E ratio of 72.27.
Forest Oil (NYSE:FST) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.02) by $0.04. The company had revenue of $60.44 million for the quarter, compared to the consensus estimate of $68.12 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The company’s quarterly revenue was down 48.3% on a year-over-year basis. Analysts expect that Forest Oil will post $-0.10 EPS for the current fiscal year.
Forest Oil Corporation (NYSE:FST) is an independent oil and gas company engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in North America.
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