Dallas, Texas 02/06/2014 (FINANCIALSTRENDS) – Bill Barrett Corporation (NYSE:BBG) which is a Denver based oil exporter recently witnessed a free fall in stock market and it slipped by almost 15 percent during the entire day’s trade. It touched $23.51 on Wednesday. The main reason behind this free fall is seen as its declaration of weak output guidance. This resulted into Global Hunter Securities saying that they are downgrading this stock. Now they have give neutral rating to this stock which was earlier set as accumulate. They even downgraded the price target to $30 which was earlier $35.
The company has participated in 200 gross development wells that also include 85 wells that lie in the DJ basin by allotting expenditure to the tune of $550 million. There are many industry insiders and trade analysts who are still quite positive about Bill Barrett Corporation and are expecting a return of at least 20 percent in the near term.
Something about Bill Barrett Corporation (NYSE:BBG)
Bill Barrett Corporation (NYSE:BBG) is one of the leading oil and natural gas exploration companies that have got its operations in North America. The company also produces and is involved in the development of oil and natural gas related products. Company has got its headquarters situated in Denver, Colorado and is quite active in the exploration and production of oil and natural gas in the Colorado, Wyoming and Utah regions.
As per the company this rocky mountain region offers a wide range of untamed possibilities and this place has got some amazing potential. But side by side the company is also dedicated towards preserving the fragile environment and takes a quite serious look towards social and corporate responsibilities. Bill Barrett Corporation is mainly focused on three core development programs and company is very keen on further developing its assets in Montana, Utah and Wyoming area.