ATLS: Q2 Earnings in Line

AMIR ARIF, Stifel Nicolaus (08/04/2010)
"Yesterday after the close, ATLS reported Q210 CFPS/EPS of $0.45/$0.04 below our estimates of $0.51/$0.06 and in line with consensus at $0.46/$0.06. EBITDA was $52.4MM vs. our estimate of $56.4MM, with the shortfall coming from lower partnership management operating income.

As ATLS continues to execute on bringing on new takeaway capacity and drilling/completing wells, we believe production will grow, cash flow will grow and the NAV will most likely increase. We believe the increasing NAV and increasing CFPS will result in the stock continuing to perform well. We maintain our Buy rating and $53 target price based on risked NAV."

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