Imperial Capital Cuts Price Target on Jones Energy (JONE) Following Announced Acquisitions
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Imperial Capital maintained an Outperform rating on Jones Energy (NYSE: JONE), and cut the price target to $3.75 (from $5.50), following the company's announced acquisition of properties in the STACK in the southern Canadian and northern Grady counties in Oklahoma.
Analyst Megan Barnett commented, "We are maintaining our Outperform rating on JONE shares and lowering our one-year price target to $3.75 from $5.50, about 20% above the recent share price. On 8/18/16, JONE announced an acquisition of properties in the STACK in the southern Canadian and northern Grady counties in Oklahoma. This more southern area of the STACK was somewhat off our radar, but JONE presented results of a private operator (in whose wells it has a small interest) that cause us to be optimistic about the productivity, oil cuts, and IRRs in the region."
Shares of Jones Energy closed at $2.77 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesDefinitive Agreement, Imperial Capital
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