ATP Oil & Gas (ATPG) Begins as Market Outperform at Rodman & Renshaw

ATP Oil & Gas (ATPG) has been initiated today with coverage from the research analysts at Rodman & Renshaw.  Firm begins this new coverage of ATP Oil & Gas with an initial price target set at $22 dollars and rates performance of ATPG as “market outperform.”  Firm additionally noted that the company has had to navigate trying times while drilling in the Gulf of Mexico regarding the deepwater moratorium and has managed to do so commendably.

ATPG has traded with overall positive sentiment over the last week of trading, following the market in general.  While ATPG is trading beneath the 200-day simple moving average, it has been edging closer on a daily basis.  Today saw a brief break above intermediate resistance of the $16.20 price level, but shares still have quite a way to go as they need to exceed the $19.13 price level to confirm a bullish trend.

ATP Oil & Gas is slated to release their next earnings report on August 8th, 2011, and is estimated to post negative EPS of 78 cents.  Their last earnings report was released on May 10th, 2011, and announced negative EPS of 96 cents with revenue totaling $166.5 million which was up 79.0% year to year.  ATPG is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.

ATP Oil & Gas Corporation is engaged in the acquisition, development and production of oil and natural gas properties in the Gulf of Mexico and the U.K and Dutch sectors of the North Sea.  The company has market capitalization of $812,760,480 and 51,408,000 shares outstanding.  ATPG has a 52-week high of $21.40 with the low being $8.85 dollars.

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