Canaccord Genuity Raises Price Target on PDC Energy (PDCE) to $80; Reiterates Buy
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Canaccord Genuity reiterated a Buy rating on PDC Energy (NASDAQ: PDCE), and raised the price target to $80.00 (from $72.00), as the company has entered into a purchasing agreement to acquire ~57K net acres in the Delaware Basin in Reeves and Culberson Counties, TX. In addition to 21 wells that come with the acquisition, two more are in flowback. PDCE plans to spud ~9 wells, 7 of which have 1.5-2 mile laterals, using two rigs for the remainder of 2016.
Analyst Stephen Berman commented, "PDCE is one of the best growth stories in the SMID-cap E&P space, and now will have a core position in the Delaware Basin in its arsenal. The combination of high-grade Permian assets and a ~96K net acre position in the core of the Wattenberg Field in the DJ Basin of Colorado that is 100% held by production (HBP) provides the company a deep inventory to drive growth for years to come. At the current development plan and spacing assumptions, there are ~15-20 years of Delaware inventory and ~10-12 years of Wattenberg inventory, which we believe should put any concerns over the company’s inventory life to rest. PDCE remains one of our top picks in the E&P space."
Shares of PDC Energy closed at $67.49 yesterday.
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