UPDATE: C.K. Cooper Downgrades Endeavour International Corporation to Hold, Removes $10 PT on Announced Delays

In a report published Friday, C.K. Cooper downgraded its rating on Endeavour International Corporation (NYSE: END) from Buy to Hold, and removed its $10.00 price target.

C.K. Cooper noted, “We are downgrading END from BUY to HOLD on the news the company has experienced delays at its Rochelle development and on management's decision to seek strategic alternatives to enhance shareholder value. The latest delay at Rochelle was just another of many postponements that the company has experienced while trying to bring on a new development, reminding us that the North Sea is a difficult operating environment. Management efforts to address this problem are now focused on selling some or all of its North Sea assets. But this strategy probably will not work given the low M&A deal prices that we observe for North Sea properties. It would seem that producing the properties as a going concern may be a better approach to value realization.”

Endeavour International Corporation closed on Thursday at $3.55.