Canaccord Genuity Maintains a 'Buy' on Sanchez Energy (SN); Infused

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Canaccord Genuity maintains a 'Buy' on Sanchez Energy (NYSE: SN) price target of $38.00 (from $36.00).

Analyst, John Gerdes, said, "We are raising our target price as the cost of capital of the convertible preferred financing is superior to our expectation of a common equity transaction...This liquidity infusion provides the funding necessary to allow Sanchez to participate in a non-operated two-rig program in the Palmetto area and conduct one-rig programs, respectively, in the Marquis/Maverick areas. In ‘13, the company’s capital plan should approach $300 million."

For an analyst ratings summary and ratings history on Sanchez Energy click here. For more ratings news on Sanchez Energy click here.

Shares of Sanchez Energy closed at $19.03 yesterday, with a 52 week range of $16.37-$25.37.

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