Mizuho Securities Starts PDC Energy (PDCE) at Neutral

October 5, 2016 4:14 PM EDT
Get Alerts PDCE Hot Sheet
Price: $63.93 -0.95%

Rating Summary:
    17 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Mizuho Securities initiates coverage on PDC Energy (NASDAQ: PDCE) with a Neutral rating and a price target of $69.00.

Analyst Timothy Rezvan commented, "Unsuccessful ballot initiatives in Colorado set up a catch-up trade in PDCE shares in 3Q16. The company's $1.5 billion Delaware Basin acquisition brought fresh eyes (and a bid) into PDCE shares, but also narrowed the value dislocation. Using equity to fund most of the deal preserves the balance sheet, but the price appears rich, pending delineation of zones other than the Wolfcamp A-bench. 30+% production growth should persist through '17, and the Delaware Basin is a high-quality diversifier, but we remain on the sidelines pending early results from west Texas."

For an analyst ratings summary and ratings history on PDC Energy click here. For more ratings news on PDC Energy click here.

Shares of PDC Energy closed at $66.07 yesterday.

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