Jefferies Raises Price Target on Bronco Drilling (BRNC), Maintains Hold Rating

Jefferies reports, "with oil over $100/bbl and E&Ps still in the early stages of "re-discovering" and exploiting conventional and unconventional oil reserves in the U.S., we expect the surge in U.S. land drilling activity to continue into 2012 and push dayrates higher."

To reflect its new land driller outlook, Jefferies is maintaining its Hold rating on shares of Bronco Drilling (Nasdaq: BRNC) and is raising its price target from $10 to $11. The firm is also increasing its 2011 and 2012 EPS estimates from $0.14 and $0.43 to $0.19 and $0.65.

The firms favorite stock at current levels is Pioneer Drilling (NYSE: PDC) due to the upside from its mechanical rigs and leverage to the high HP workover market. This is closely followed by Nabors Industries (NYSE: NBR) and Patterson-UTI Energy (Nasdaq: PTEN).

For more ratings news on Bronco Drilling click here and for the rating history of Bronco Drilling click here.

Shares of Bronco Drilling closed at $10.40 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• GE Vernova (GEV) PT Raised to $1,185 at Jefferies
• Shoe Station Group (SHOE) PT Lowered to $15 at Williams Trading
• HubSpot Inc (HUBS) PT Raised to $225 at Stifel Ahead of UNBOUND Conference