PDC Energy's (PDCE) Price Target Raised to $76 at KeyBanc

August 24, 2016 7:23 AM EDT
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Price: $75.72 +1.50%

Rating Summary:
    16 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

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 $63.62 yesterday.

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