ATP Oil & Gas Corporation (ATPG) Price Target Lowered

Analyst Biju Perincheril at Jefferies & Company, Inc. (NYSE: JEF) has lowered the price target for ATP Oil & Gas Corporation (NASDAQ: ATPG) from $17 to $14.

The company reported production for the fourth quarter 20% below expectations. Jefferies expects volume growth to be strong in 2010. Jefferies expects a large portion of the cash flow from new production to be used for vendor financing. ATP Oil & Gas Corporation has pre-announced fourth quarter volumes and additional asset sales to fund capital expenditure in 2010. Jefferies & Company has maintained a Hold rating for ATP Oil & Gas Corporation.