Wunderlich Securities Initiates Coverage on Arena Resources (ARD) with a Buy
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Wunderlich Securities initiates coverage on Arena Resources (NYSE: ARD) with a Buy. Price target $37.
Wunderlich analyst says, "We believe NAV is the best metric to value Arena given the tremendous reserves/acreage the company currently has on its books. Arena has historically aggressively acquired producing assets with growth potential and developed its existing properties through an aggressive drilling program. Since 2002, reserves have more than tripled and with an additional 1,500 unproven drilling locations on its current acreage, we expect reserves to increase further."
Arena Resources, Inc. (Arena) is engaged in the acquisition, exploration and development of oil and gas properties, and the production and sale of oil and gas.
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