Brean Murray Carret & Co. Starts Petroleum Development (PETD) at Buy; Improvements in Key Assets

Brean Murray Carret & Co. initiates coverage on Petroleum Development (NASDAQ: PETD) with a Buy. PT $46.00.

Brean analyst says, "We like PDC because results are improving in its key development assets, the Wattenberg Field in Colorado and the Marcellus in West Virginia...Our thesis on PDC energy is that non-core divestitures will provide the liquidity to fund focused horizontal development in Niobara and Marcellus, drving higher NAV accretion and per share debt adjusted growth in addition to expanding margins per Mcfe."

For an analyst ratings summary and ratings history on Petroleum Development click here. For more ratings news on Petroleum Development click here.

Shares of Petroleum Development closed at $35.12 yesterday.

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