Capital One Southcoast Starts Plains Exploration & Production (PXP) at Strong Buy
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Capital One Southcoast initiates coverage on Plains Exploration & Production (NYSE: PXP) with a Strong Buy rating and a $92 price target.
The firm calls Plains E&P "one of the few value names in our E&P universe" which will be focused on improving its drilling program following two years of actively buying and selling assets. Capital One does not expect acquisitions this year, but could see Plains E&P selling assets.
Capital One valued shares of Plains E&P as follows: $86 of proved reserves + $4 for real estate assets in California + $26 in risked exploration value - $24 in debt and working capital.
Plains Exploration & Production Company engages in the acquisition, development, exploration, and production of oil and gas properties.
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