Mizuho Securities Starts PDC Energy (PDCE) at Neutral
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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."
Shares of PDC Energy closed at $66.07 yesterday.
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