Mizuho Securities Starts QEP Resources (QEP) at Buy
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Mizuho Securities initiates coverage on QEP Resources (NYSE: QEP) with a Buy rating and a price target of $24.00.
Analyst Timothy Rezvan commented, "The turn in sentiment in QEP shares remains in the early stages, and we urge investors to put fresh eyes on a mid cap, oily producer likely to have a more focused portfolio in '17. We see few Permian-levered names trading at less than QEP's 6.9x 2017E EV/EBITDA. Management has been candid that it wants to rationalize the portfolio, and a sale of Wyoming's Pinedale field for $1 billion or more could be a transformative event funding steeper oil growth through the end of the decade."
Shares of QEP Resources closed at $18.37 yesterday.
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