Citi 01-Aug-13 Neutral
Drilling activity beat guidance, resulting a production of 1.85mmboe, pre-royalties, which was 15% above Citi's estimates. Revenue of US$134m was 11% above Citi's estimates. 2013 earnings forecasts have been raised by 7%, given an increase in forecast drilling activity.
The price target has been raised to $3.53 from $3.48 and this includes a further $1.15 per share of risked upside, which may be achieved through further optimisation of operations and smaller well spacing. The Neutral rating is maintained.
BA-Merrill Lynch 01-Aug-13 Underperform
Aurora's activity levels increased on non-operated acreage but this activity has not translated yet to higher-than-forecast production. Production grew 9% in the June quarter with half being in the 11 legacy wells associated with the Heard & Axle acquisition.
The broker retains an Underperform rating and $3.19 price target and prefers Sundance Energy ((SEA)) at current levels.
JP Morgan 01-Aug-13 Overweight
Aurora's June quarter production was above expectations. The broker maintains the Overweight recommendation. JP Morgan believe the company, with its top tier shale liquids acreage and low costs, has plenty of production growth left.
The current share price offers around 40% potential upside to the broker's $4.54 per share valuation. The price target is raised to $4.54 from $4.23.
UBS 01-Aug-13 Buy
Aurora's quarterly production came in ahead of the broker given new acreage and a faster than expected drilling rate. The company did not reveal how many drills are planned for 2013 all up. This may be revealed at the company's upcoming result release and the broker is expecting a higher number.
Target rises to $3.95 from $3.90 and Buy retained.
Deutsche Bank 01-Aug-13 Downgrade to Hold from Buy
June quarter production was ahead of Deutsche Bank's forecasts. This reflects a faster rate of well tie-in. Revenue is not seen keeping pace with production and the broker puts this down to softer commodity prices.
Aurora is now trading in line with the target price of $3.15 and the rating is downgraded to Hold from Buy on valuation grounds.
Citi 01-Aug-13 NeutralDrilling activity beat guidance, resulting...
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