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HARTFORD, Conn. - Shares of Willbros Group Inc. fell Monday as an analyst cut his price target for the oil industry contractor.
| WG | 10.75 |  -0.24 |
Analyst Steven Fisher of UBS Securities said in a note to investors that he reduced the price target to $15 per share from $21. He cited a lower multiple and reduced earnings-per-share estimate.
Wednesday, Willbros raised the low end of its 2008 earnings per share to $1.85 from $1.75 and reduced the high end to $1.95 from $2.
Analysts expect earnings per share of $1.88 for the year, on average, according to Thomson Reuters.
The company cited the delayed start of a pipeline installation project, shifting some revenue anticipated in the fourth quarter into early next year.
Shares fell $2.22, or 18.9 percent, to $9.56 after hitting a multi-year low of $9.15 earlier in the session.
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