Wells Fargo's Updated price targets for the Sweet 16- Dec 18
Posted: Fri Dec 18, 2020 7:16 pm
Wells Fargo Equity Research published a detailed report on the upstream oil & gas sector on Dec 16. Here are their updated price targets compared to my valuations.
Top Picks: WF PT / My Valuation
Devon Energy (DVN): $24 / $18
PDC Energy (PDCE): $28 / $30
Overweight
EQT Corp. (EQT): $25 / $25
Cimarex Energy (XEC): $47 / $45
Diamondback (FANG): $67 / $63
Range Resources (RRC): $13 / $14.50
Matador Res (MTDR): $18 / $15
Equal Weight:
Continental Res (CLR): $25 / $22
EOG Resources (EOG): $67 / $75
Under Weight:
Antero Resources (AR): $5.50 / $9.00
Callon Petroleum (CPE): $8.00 / $18.00 < Wells Fargo's analyst was very negative on the CPE + Carrizo merger and he doesn't seem to back off
Companies in our Small-Cap Growth Portfolio:
Magnolia (MGY): $10 / $9
Earthstone (ESTE): $6 / $8
SM Energy (SM): $9 / $7.50
Laredo (LPI): $20 / $30
Top Picks: WF PT / My Valuation
Devon Energy (DVN): $24 / $18
PDC Energy (PDCE): $28 / $30
Overweight
EQT Corp. (EQT): $25 / $25
Cimarex Energy (XEC): $47 / $45
Diamondback (FANG): $67 / $63
Range Resources (RRC): $13 / $14.50
Matador Res (MTDR): $18 / $15
Equal Weight:
Continental Res (CLR): $25 / $22
EOG Resources (EOG): $67 / $75
Under Weight:
Antero Resources (AR): $5.50 / $9.00
Callon Petroleum (CPE): $8.00 / $18.00 < Wells Fargo's analyst was very negative on the CPE + Carrizo merger and he doesn't seem to back off
Companies in our Small-Cap Growth Portfolio:
Magnolia (MGY): $10 / $9
Earthstone (ESTE): $6 / $8
SM Energy (SM): $9 / $7.50
Laredo (LPI): $20 / $30