March 21, 2013 at 08:09 AM EDT
Societe General Reaffirms “Buy” Rating on Anadarko Petroleum (APC)

Societe Generale reported on Thursday that it has maintained a “Buy” rating on exploration and production company, Anadarko Petroleum Corporation (APC).

The firm’s analyst, John Herrlin has reiterated a “Buy” rating and $95 price target for APC. This price target suggests a 9% increase from the stock’s current price of $86.40.

Herrlin commented, “APC announced, after the close, that it had encountered a higher quality than anticipated reservoir in the Lower Tertiary Age delineation well, Shenandoah #2 on Walker Ridge block 51 (30% WI and operator). The well TD-ed (reached total depth) @ 31,400′ and is in 5,800′ of water. It was 1,700′ downdip from the #1 discovery well and didn’t encounter any oil/water contact. No potential field volumes were discussed in terms of resource potential, but suffice it to say that it should be substantial (500M – 1Bboe), and they did use the phrase ‘potentially giant project’. What we found interesting was that the reservoir rock and fluid encountered were of much higher quality than those previously encountered by industry in the Lower Tertiary fields.”

Anadarko Petroleum shares were mostly flat during premarket trading Thursday. The stock has been mostly flat in the past year.

The Bottom Line
Shares of Anadarko Petroleum Corporation (APC) have a 0.42% yield, based on Wednesday’s closing price of $86.40.

Anadarko Petroleum Corporation (APC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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