Goldman Sachs Starts Eclipse Resources (ECR) at Buy

Goldman Sachs initiated coverage on Eclipse Resources (NYSE: ECR) with a Buy rating and a price target of $31.00.

Analyst Joseph B. Stewart said, "We initiate coverage of Eclipse Resources with a Buy rating and 30% upside to our $31, 12-month NAV/DCF multiples- and M&A-based target price vs. 34%/8%/19% average upside for peers/onshore SMID E&P coverage/Buys. We think ECR is well positioned to benefit from (1) a peer-leading outlook for production per debt-adjusted share (P/DAS) growth and cash-on-cash returns; (2) potential resource improvement via down spacing and better-than-forecast recoveries per well; and (3) long term Appalachian Basin basis differentials that we forecast to be better than shares reflect."

For an analyst ratings summary and ratings history on Eclipse Resources click here. For more ratings news on Eclipse Resources click here.

Shares of Eclipse Resources closed at $23.92 yesterday.

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