UPDATE 1-RESEARCH ALERT-Lazard upgrades Anadarko to buy

Feb 2 (BestGrowthStock) – Lazard Capital Markets upgraded Anadarko
Petroleum Corp (APC.N: ) by a notch to “buy,” citing the
company’s recent discoveries.

Analyst Eric Hagen, who set a price target of $85, said the
company’s exploration success over the past six to nine months
has the potential to create $40 per share in value.

He also said Anadarko’s core projects in the Rocky
Mountains have low finding costs and produce liquids rich
natural gas.

“This affords them premium pricing and translates into
superior economics,” he added.

Hagen said the company’s backlog of development projects in
the deepwater could drive double-digit production growth in the
2012-2015 timeframe.

Anadarko also controlled large acreage in two of the most
promising emerging shale gas plays, Marcellus Shale and Eagle
Ford Shale, he said.

Shares of the Houston-based company, which is the second
largest U.S. independent oil and gas company behind Apache Corp
(APA.N: ), closed at $65.10 Monday on the New York Stock
Exchange.

Penny Stocks

(Reporting by Anirban Sen in Bangalore; Editing by
Anil D’Silva)

UPDATE 1-RESEARCH ALERT-Lazard upgrades Anadarko to buy