Credit Suisse Starts Extraction Oil & Gas (XOG) at Outperform; Best-in-Class Growth
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Credit Suisse initiates coverage on Extraction Oil & Gas (NASDAQ: XOG) with a Outperform rating and a price target of $30.00 noting a unique Codell position with best-in-class growth.
Analyst Mark Lear commented, "Following XOG's October acquisition of 6,100 net acres within its core Wattenberg focus area, the company now maintains over 3,500 one mile equivalent Codell and Niobrara locations. This represents ~19 years of inventory with the majority of this economic below $50/bbl oil. The company also retains un-booked inventory upside with 124k net acres in its Northern Extension area, where application of XOG’s completion style success from its focus area (highlighted herein) or additional commodity price upside has the potential to drive incremental value."
Shares of Extraction Oil & Gas closed at $20.42 yesterday.
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