British oil and gas firm EnQuest reaffirmed its full-year production guidance on Thursday after seeing flow rates increase almost 50% throughout the first four months of the year.
RBS: Deutsche Bank upgrades to buy with a target price of 305p.
Ocado Group: Goldman Sachs downgrades to neutral with a target price of 540p.
EnQuest saw its EBITDA fall 36.4% to $303.6m in its most recent trading year, principally due to a 25% drop in revenue to $635.2m amid lower realised prices within the company's hedging programme.
Oil and gas development and production company EnQuest told investors on Monday to expect material production growth in 2018 as its Kraken project in the North Sea continued to return improved results.
James Thompson, a European oil and gas analyst at JP Morgan, said on Friday that while the extended commissioning of EnQuest's Kraken project and resulting underwhelming performance thereof, were "clearly central" to the debate, JP Morgan was somewhat reassured given that commissioning phase issues were historically easier to rectify than facility or reservoir related problems.
Go-Ahead Group: JPMorgan downgrades to 'Underweight' with a target price of 1355p.
EnQuest dived into a pre-tax loss for the first half of the year as oil hedging reduced average sold oil prices and production slowed as it focused resources on its complicated North Sea project, Kraken, that has weighed the oil producer down with debt.
Jefferies took a lathe to its target prices for most oil companies on Tuesday, including downgrading EnQuest and Tullow Oil, but kept a host of 'buy' ratings for growth stories such as Cairn Energy, Faroe Petroleum and newly upgraded Premier Oil.
Analysts at Jefferies upgraded their view on shares of Premier Oil even as they marked down their medium-term Brent oil price deck assumptions.
Enquest lowered its full-year production forecast as a result of prolonged commissioning which led to lower-than-expected operational efficiency from the floating production storage and offloading vessel at its Kraken field.
Analysts at Barclays lowered their target prices for a broad swathe of European Oil &Gas explorers and producers as they marked down their short and medium-term assumptions for the Brent price deck.
Enquest said the development of the Kraken field was continuing to run on schedule and under budget, while reiterating previous guidance for full-year 2017 production of between 45,000 and 51,000 barrels per day.
EnQuest says it is on track for delivery of first oil from the Kraken development in Q2 2017 after the floating production storage & offloading vessel's arrival on the field.
Exploration and production group EnQuest got a boost on Monday as UBS upgraded the stock to 'buy' from 'neutral' and upped the price target to 65p from 60p.
EnQuest, oil and gas development and production company, has agreed to acquire an initial 25% interest in Magnus oil field from British Petroleum (BP) for $85m.
Reckitt Benckiser: Berenberg reiterates hold with a target price of 7300p.
EnQuest confirmed the success of its placing and open offer on Thursday, raising a fresh £82m in the process.
EnQuest announced the launch of a proposed issuance of equity on Thursday, by way of a placing and open offer of 356,738,114 new ordinary shares.
Barclays cut its price target on Enquest shares, the UK's largest independent oil producer in the North Sea, and downgraded them from 'equalweight' to 'underweight', on the expectation that the funding options open to the company would dilute owners of the stock.