(Reuters) - Canada’s oil and gas company BlackPearl Resources Inc’s (PXX.TO) shares fell as much as 9 percent a day after the company said it missed its 2011 exit production forecast.
RBC Capital Markets downgraded the company’s stock to “sector perform” from “outperform” after the company missed its production outlook.
The company had exited 2011 with 9,500-10,000 barrels of oil equivalent per day (boepd), lower than its target of 11,000 boepd.
Macquarie cut Blackpearl’s price target to C$7 from C$7.50.
Shares of Blackpearl were trading down 6 percent at C$4.96 on Tuesday on the Toronto Stock Exchange.
Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian