El Paso Corp. (EP) - Bull Of The Day

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El Paso Corp. (EP) - Bull Of The Day

By Zacks Investment Research on June 24, 2009 | More Posts By Zacks Investment Research | Author's Website

We are maintaining our Buy recommendation on El Paso Corp. (EP) but are lowering our target price from $13.00 to $12.00 per share. The stock is up roughly 60% since March as worries of liquidity and execution risk on its backlog of pipeline projects has been alleviated due to the normalization of capital markets and indications of a stabilizing U.S. economy.

We continue to believe that the company’s experienced management and various financing options will allow the company to weather the remainder of the tough operating environment.

Recently, management locked in a substantial portion of its natural gas production at levels above $6.00 per Mcf for 10/ 11. This gives the company more operating clarity and surety of cash flows in the event that commodity prices remain volatile for an extended period.

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