FBR Capital Starts WPX Energy (WPX) at Outperform
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FBR Capital initiates coverage on WPX Energy (NYSE: WPX) with a Outperform rating and a price target of $16.00.
Analyst Chad Mabry commented, "We are initiating coverage of WPX Energy, Inc. (WPX) with an Outperform rating and a 12-month price target of $16 per share. WPX is a mid-cap E&P company with a quality position in one of the most attractive resource plays in the U.S., the Delaware Basin Wolfcamp. The company holds more than 100,000 net acres in the heart of the play, primarily in Loving County, Texas, which we expect to drive peer-leading production growth for several years. Positive developments in the Delaware have propelled the stock this year, but we believe WPX deserves a lot more love. "
Shares of WPX Energy closed at $12.79 yesterday.
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