Petroquest Energy Inc (NYSE:PQ) Reports Huge Increase In Estimated Proved Reserves


Dallas, Texas 03/20/2014 (FINANCIALSTRENDS) – Petroquest Energy Inc (NYSE:PQ) reported 302 Billions Of Cubic Feet Equivalent (Bcfe) of estimated proved oil and gas reserve towards end of 2013 with pre-tax discounted value (PV10) of approximately $479 million. It also reported Estimated proved reserves were 33% higher than the previous period of the year and PV-10 also increased dramatically by 99% compared to previous year.  According to the reports, the Company estimates that it replaced around 295% of its production in 2013.The company reported its 12% increase production during 2103 compared to 2012. During 2013 the production was approximately 38.0 Billions Of Cubic Feet Equivalent comprised of 77% natural gas, 11% oil, and 12% natural gas liquid.

Petroquest Energy Inc (NYSE:PQ) Witness Insider Trading

According to the reports, the company’s COO has sold 15,000 shares of the stock with average price of $5.50. The transaction is believed to be around $82,500.00. Post transaction, the COO has 361,453 shares of the company’s stock, valued at approximately $1,987,992.

Market Analysts Rate Petroquest Energy Inc Stock as Buy (Average)

According to the reports, the company with a market cap of 352.71M missed analyst’s consensus estimate of $0.07 by $0.03 with an EPS of $0.04 for the quarter. The company reported 39.3% increase at $53.17 million in its revenue compared to the same quarter last year. The company has a 50-day moving average of $4.45 and a 200-day moving average of $4.2. Its low and high for the year are $3.64 and $5.70 respectively. The company’s shares have been covered by multiple market analysts. FBR Capital Markets have raised the PT from $7.00 to $8.00 and have rated it as outperform. EVA Dimensions have currently rated it as hold. The company currently has an average rating of buy with PT as $7.28.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.