Wunderlich Securities Starts American Eagle Energy (AMZG) at Buy; Sees a Near Double

April 1, 2014 7:33 AM EDT
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Price: $0.19 --0%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

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    Up: 0 | Down: 0 | New: 0
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Wunderlich Securities initiates coverage on American Eagle Energy (NYSE: AMZG) with a Buy rating and a price target of $14, saying the company is drilling a sweet spot in NW Williston Basin.

Analyst Irene Haas comments, "American Eagle Energy Corporation (AMZG) is an independent E&P company drilling in the Williston Basin in North Dakota. The team is strong: the principals have spent most of their careers leasing land and drilling in the U.S. and Canadian parts of the Williston Basin. Chairman of the Board Dick Finley was credited for the discovery of the iconic Elm Coulee Field in Richland County, Montana. We expect this team to lower costs and increase efficiency, resulting in higher reserves per well, better returns, and shorter payback periods. We are initiating coverage with a Buy rating and a price target of $14 on this Williston Basin pure play. While AMZG is trading below peer average, as the company continues to grow production and deliver strong returns, we expect steady multiple expansion."

For an analyst ratings summary and ratings history on American Eagle Energy click here. For more ratings news on American Eagle Energy click here.

Shares of American Eagle Energy closed at $7.15 yesterday.

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