Fly News Breaks for October 17, 2019
Oct 17, 2019 | 05:12 EDT
Imperial Capital analyst Irene Haas double downgraded Extraction Oil & Gas to Underperform from Outperform with a price target of $2, down from $7. The analyst expects the company's Q3 production will be flat due to unplanned outages on the Western Gas system and a two-month delay in the startup of the Rimrock system. Haas, who lowered her estimates for 2019 and 2020, says Extraction's business model is "fundamentally more risky, compared to other DJ Basin peers." With the recent departure of its CFO, the analyst is also concerned that Extraction "might not be equipped to weather additional commodity prices downdraft or operational upsets, planned or unplanned."
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