UPDATE: Stifel Upgrades Bonanza Creek Energy (BCEI) to Hold
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(Updated - September 29, 2016 9:14 AM EDT)
Stifel upgraded Bonanza Creek Energy (NYSE: BCEI) from Sell to Hold with a price target of $1.00 following yesterday's OPEC agreement.
Analyst Michael S. Scialla said, "We are raising our rating to Hold from Sell on an improving oil price outlook. OPEC has reportedly agreed to cut production from 32.5-33.0 MMBls/d next year from its August level of 33.2 MMBls/d. While a formal OPEC agreement that meaningfully reduces supply and record global inventories is far from concrete, a change in Saudi policy, weather perceived or real, and positive commentary from the producer group’s leading officials, appear to be building an oil price floor of $40."
Shares of Bonanza Creek Energy closed at $1.05 yesterday.
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