UPDATE: Canaccord Genuity Upgrades PDC Energy (PETD) to Buy; Niobrara Should Help Drive Growth

May 14, 2012 7:45 AM EDT Send to a Friend
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Price: $25.57 +1.91%

Rating Summary:
    12 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 7
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(Updated - May 14, 2012 8:59 AM EDT)

Canaccord Genuity upgraded PDC Energy (NASDAQ: PETD) from Hold to Buy, price target lowered from $42 to $41.

Analyst, John Gerdes, said, "We are raising our rating on PETD to BUY as we believe strong Wattenberg field results should drive oil/cash flow growth, a guidance beat and equity performance. PDC shares present less upside to our target than the sector’s ~40% given a Utica premium that seems fair though is not included in our target. Successful stacked Niobrara/Codell tests or Utica exploration/monetization would offer further upside potential."

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 $31.79 yesterday.




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