PDC Energy's (PDCE) Price Target Raised to $76 at KeyBanc
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KeyBanc maintained an Overweight rating on PDC Energy (NASDAQ: PDCE) and raised its price target to $76.00 (from $72.00). The change follows its $1.5 billion acquisition in the Delaware Basin.
Commenting on the development, analyst David Deckelbaum said, "PDCE announced a milestone entry into the Delaware basin for $1.5B for 57K net acres in Culberson and Reeves, TX, along with 7 MBOED. We think PDCE is paying $30K/acre for the highest quality portion of the deal, which is in line with recent comps and $20K/acre overall. The acquisition will initially be funded with two-thirds debt and one-third equity, resulting in an 11% accretion to our RNAV, but remaining equity is possible, also leaving room for acceleration potential beyond the two rigs planned by YE16."
Shares of PDC Energy closed at $63.62 yesterday.
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