KeyBanc Downgrades Delta Petroleum (DPTR) to Underweight
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KeyBanc downgrades Delta Petroleum (Nasdaq: DPTR) from Hold to Underweight. Price target $6.
KeyBanc analyst says, "Having just made an investment in the Piceance Basin to the tune of $410.5 million with its agreement with EnCana (NYSE: ECA) on February 28 of this year, we look at this morning's announcement by DPTR as more of an act of survival in the current tight credit market environment. Moreover, we would have preferred Tracinda to purchase shares through a primary share offering from DPTR, thus providing the (apparent) needed cash to the Company rather than DPTR putting assets on the auction block in a very poor market environment."
Delta Petroleum Corporation (Delta) is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production and sale of, natural gas and crude oil.
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