KeyBanc Upgrades St. Mary Land & Exploration (SM) to Buy; Trading at Discount Vs. Peers
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KeyBanc upgrades St. Mary Land & Exploration (NYSE: SM) from Hold to Buy.
KeyBanc analyst says, "Following our time spent with management of St. Mary yesterday during our hosted client lunch with management, we areupgrading our rating on shares of SM to BUY and are establishing a price target of $42.00 per share (based on our increased RNAV from $40.00-$45.00 per share). SM has been working over the past several years to buil dsizable positions in emerging shale plays, as well as high-grade its technical staff, in order to transition the Company to more of a resource play focused company with a deep inventory of repeatable, high rate of return drilling prospects. Now with what we consider to be meaningful "company maker" types of positions in several key plays (225,000 net acres in the Eagle Ford and ~50,000 net acres in the Haynesville to name two), and with encouraging initial results in these plays, we do believe SM is "making the turn," as its motto goes. We also note that on a valuation basis, SM is one of the most attractive names on our list, trading just at 4.9x 2010 and 4.2x 2011 on an EV/DCF basis, vs. peers at 7.1x and 5.6x, respectively."
To see all the upgrades/downgrades on shares of SM, visit our Analyst Ratings page.
St. Mary Land & Exploration Company, together with its subsidiaries, engages in the exploration, exploitation, development, acquisition, and production of natural gas and crude oil in North America.
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