Global Hunter Securities Upgrades Rating, Raises PT To $24 On ATPG

Global Hunter Securities, citing “light at the end of the tunnel,” is upgrading its rating from Reduce to Accumulate and raising its price target from $14 to $24 on ATP Oil & Gas (NASDAQ: ATPG).

According to Global Hunter, “Leverage can work, as long as you don't run out of time. It would seem that higher oil prices have given ATP the time it needs to not only survive but change our view on its liquidity. While all is not perfect in the GOM, the worst it would seem is behind the industry and ATP. We anticipate ATP will receive its next permit for the 4th and final well at Telemark within the next 60 days before the 3rd well is finished, this would allow drilling operations to remain constant and finally result in the Telemark facility reaching maximum capacity of 25,000 BOPD before year- end.”

ATPG closed at $17.11 yesterday.