Piper Jaffray is out with a research report on Forest Oil Corp. (NYSE: FST) and it has a Neutral rating and a $32 price target on shares after it reported earnings.
In a note to clients, Piper Jaffray writes, "FST reported 2Q 2011 adj. EPS of $0.36 vs. our $0.32. Production was previously disclosed on July 6 when the company lowered US production guidance and increased cost guidance. For 2Q, realized oil prices were better than expected, NGL prices below expected, and natural gas prices in line. Cash costs were in line. We revise 2011E/2012E/2013E EPS to $1.25/$1.88/$3.01 from $1.20/$1.84/$2.83 on updates to production and costs."
Shares of FST lost 87 cents yesterday to close at $25.53.
