NBL, STR, UPL, WGR: Updating estimates Goldman Sachs August 08, 2005
We are updating our EPS estimates for Noble Energy (IL/A), Questar Corp. (OP/A), Ultra Petroleum (IL/A), and Western Gas Resources (U/A) to reflect adjustments to our financial and operating forecasts following the companies' recent reports and conference calls regarding their second quarter 2005 results. We reiterate our Outperform rating for Questar, our In-Line rating for Noble and Ultra, and our Underperform rating for Western Gas, all relative to our Attractive coverage view.
For Noble, we now estimate EPS of $2.01 for 3Q 2005 ($1.94 previously), $2.18 for 4Q 2005 ($2.17 previously), $7.84 for full-year 2005 ($7.56 previously), and $9.48 for 2006 ($8.97 previously). Our 2007-2010 (normalized) EPS estimates are now $4.49 for 2007 ($3.82 previously), $4.64 for 2008 ($3.98 previously), $4.15 for 2009 ($3.76 previously), and $4.58 for 2010 ($4.16 previously). The major positive impact to earnings comes from lower assumed DD&A per barrel of oil equivalent (BOE) of production. For more detail on our view and outlook for Noble, please see our recent note, "Onshore growth, offshore exploration are key catalysts."
Message 21572665
For Questar, we now estimate EPS of $0.60 for 3Q 2005 ($0.58 previously), $1.03 for 4Q 2005 ($1.05 previously) and $3.42 for full-year 2005 ($3.40 previously). We are maintaining our 2006 EPS estimate of $4.39. Our 2007-2010 (normalized) EPS estimates are now $3.52 for 2007 ($3.44 previously), $3.58 for 2008 ($3.46 previously), $3.87 for 2009 ($3.85 previously), and $4.30 for 2010 ($4.27 previously). The main reason for changes to 2007-10 EPS is new hedges during 2007-08. For more detail on our view and outlook for Questar, please see our recent note, "Positive risk/reward from deep Pinedale well, non-Pinedale exploration."
Message 21548095
For Ultra, we now estimate EPS of $0.30 for 3Q 2005 ($0.29 previously), $0.34 for 4Q 2005 ($0.33 previously), $1.16 for full-year 2005 ($1.08 previously), and $1.34 for 2006 ($1.29 previously). Our 2007 (normalized) EPS estimate is now $0.93 ($0.91 previously). There are no changes to our 2008-2010 (normalized) EPS estimates. For more detail on Ultra, please see our recent note, "Pinedale Anticline continues to show strong results."
Message 21548143
For Western Gas, we now estimate EPS of $0.56 for 3Q 2005 ($0.57 previously), $0.71 for 4Q 2005 ($0.70 previously), $2.19 for full-year 2005 ($2.22 previously), and $2.77 for 2006 ($2.73 previously). There are no changes to our 2007-2010 (normalized) EPS estimates. For more detail on Western Gas, please see our recent note, "Uptick in production with Powder confidence, exploration key catalysts."
Message 21574593
Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Brian Singer, Arjun Murti. |
