TD Newcrest Upgrades Provident Energy (PVX) to Buy; Favorable Growth Outlook

TD Newcrest upgraded Provident Energy (NYSE: PVX) from Hold to Buy, price target raised from C$8.50 to C$9.

TD analyst says, "Provident is one of the most inexpensive stocks in our sector measured by both 2011E free-cash-flow yield (9.1% vs. sector average of 8.6%), and recent dividend yield (6.7% vs. sector average of 6.0%). While this discount can partially be explained by a relatively high commodity price exposure, investors should find the stock attractive – given our view that the dividend level is safe beyond 2015."

For more ratings news on Provident Energy click here and for the rating history of Provident Energy click here.

Shares of Provident Energy closed at $8.18 yesterday.

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