UPDATE: KeyBanc Upgrades Jagged Peak Energy (JAG) to Overweight
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(Updated - September 16, 2019 4:54 AM EDT)
(updated to add analyst comment)
KeyBanc analyst Leo Mariani upgraded Jagged Peak Energy (NYSE: JAG) from Sector Weight to Overweight with a price target of $10.00.
The analyst comments "We expect JAG to have an outsized benefit from the move higher in oil prices as it is one of the oiliest E&Ps with oil cuts of 76% and 75% in 2H19 and 2020, respectively. Additionally, JAG has typically been high beta to oil moves and is one of the most heavily shorted E&Ps with short interest at 32% of its float. Lastly, JAG is down around 18% YTD (XOP down 12%), which puts the stock in a decent position for a rebound."
Shares of Jagged Peak Energy closed at $7.48 yesterday.
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