KeyBanc Starts Extraction Oil & Gas (XOG) at Overweight
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KeyBanc initiated coverage on Extraction Oil & Gas (NASDAQ: XOG) with an Overweight rating and a price target of $25.
Analyst David Deckelbaum said, "We view XOG as a discounted vehicle for aggressive production growth that is very well capitalized following the recent $780M IPO. We forecast a three-year forward production CAGR of 55% through 2019 while remaining under 1.5x levered at strip with a focused program within a premier area of the Wattenberg, leveraging its core 100K net acre position."
Shares of Extraction Oil & Gas closed at $20.42 yesterday.
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