DENVER (AP) -- A Capitol One Southcoast Inc. analyst has lowered his long-term natural gas price forecast and raised his estimate on oil prices, citing business conditions in the energy markets.
In a research note to clients, analyst Richard Tullis reduced his long-term natural gas estimate to $6 per million cubic feet from $6.50 million cubic feet.
He lowered the gas estimate for the second quarter through the fourth quarter of 2010 to $4.50 per million cubic feet from $5 per million cubic feet.
The changes were based on four weeks of bearish natural gas inventory data and a higher-than-expected rig count, among other factors, Tullis said.
In oil, Tullis raised his long-term estimate to $80 a barrel from $75 a barrel, citing an upside that has developed in the market since last summer.
Tullis downgraded GMX Resources Inc. to "Add" from "Strong Buy," and revised the target price to $13 a share from $18 a share.
The analyst lowered the rating for PetroQuest Energy Inc. to "Add" from "Strong Buy," and revised its target price to $8 a share from $9.50 a share.
Goodrich Petroleum Corp. was reaffirmed with a "Strong Buy" rating but its stock price target was lowered to $24 a share from $33 a share.
He also raised the rating for Arena Resources Inc. to "Add" from "Neutral, and set the price target at $44 per a share, up from $39 a share.
On Wednesday, shares of GMX Resources rose 10 cents to close at $8.22. PetroQuest fell 4 cents to $5.03. Goodrich Petroleum fell 11 cents to $15.64, and Arena Resources rose 78 cents, or 2.4 percent, to $33.40.
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