Wells Fargo Raises Valuation Range on Kodiak Oil & Gas (KOG), Notes Shares Look Inexpensive

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Wells Fargo is reiterating its Outperform rating on shares of Kodiak Oil & Gas (NYSE: KOG) and is increasing its price valuation range from $10-$13 to $11-$13.

The firm reports that it is tweaking its FY11 and FY12 EPS estimates from $0.28 and $1.10 to $0.24 and $1.14 following the recently announced deals. For 2012 and 2013, Wells Fargo now forecasts production levels of 23 Mboe/d and 30 Mboe/d.

An analyst at Wells Fargo states that shares of KOG "look inexpensive relative to peers."

For an analyst ratings summary and ratings history on Kodiak Oil & Gas click here. For more ratings news on Kodiak Oil & Gas click here.

Shares of Kodiak Oil & Gas closed at $8.54 yesterday, with a 52 week range of $3.59-$8.69.

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