Global Hunter Securities Upgrades Petroleum Development (PETD) to Buy; New Management = New Focus
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Price: $25.57 +1.91%
Rating Summary:
9 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities upgraded Petroleum Development (NASDAQ: PETD) from Accumulate to Buy with a price target of $40.00.
Global analyst said, "While we would characterize 2011 as a "strange" year for PETD, 2012 looks like a game changer. Though we viewed the Permian acquisition positively, relatively speaking it was a small footprint which would have made it difficult for the company to consistently ramp up operations. Having a large, concentrated position in the Marcellus, arguably the best natural gas basin in the Lower 48, coupled with an emerging oil and liquids play in the Utica make perfect sense and should be able to drive double-digit production growth for years to come."
For more ratings news on Petroleum Development click here and for the rating history of Petroleum Development click here.
Shares of Petroleum Development closed at $26.31 yesterday.
Global analyst said, "While we would characterize 2011 as a "strange" year for PETD, 2012 looks like a game changer. Though we viewed the Permian acquisition positively, relatively speaking it was a small footprint which would have made it difficult for the company to consistently ramp up operations. Having a large, concentrated position in the Marcellus, arguably the best natural gas basin in the Lower 48, coupled with an emerging oil and liquids play in the Utica make perfect sense and should be able to drive double-digit production growth for years to come."
For more ratings news on Petroleum Development click here and for the rating history of Petroleum Development click here.
Shares of Petroleum Development closed at $26.31 yesterday.
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