UPDATE: BMO Capital Downgrades PDC Energy (PDCE) to Market Perform
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(Updated - August 8, 2016 8:19 AM EDT)
BMO Capital downgraded PDC Energy (NASDAQ: PDCE) from Outperform to Market Perform with a price target of $58 (unchanged). Analyst Dan McSpirit said he sees limited upside.
"In absolute terms, we see limited upside from where the shares are trading relative to our NAV-based target price of $58, an analysis grounded in well economics models for each of the company's operations and which shows remaining DJ Basin inventory measured in high-single-digit/low-double-digit years," said McSpirit. "In relative terms, we see no meaningful compression of the EBITDA multiple over time (7x 2017E EBITDA to 6x 2018E EBITDA at NYMEX strip pricing), also a reflection of the less competitive returns in the field in this somewhat contango-less oil and backwardation gas curves, as well as the reality of hedges rolling off."
Shares of PDC Energy closed at $55.48 yesterday.
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