PDC Energy's (PDCE) price target was raised to $68 from $63 at Canaccord Genuity, which also maintained its "buy" rating on the stock on Wednesday morning. The stock is one of the firm's "top picks" in the exploration and production (E&P) space.
"PDCE in our view represents one of the best growth stories at a value multiple in the SMID-cap E&P space. An enviable 96,000 net acre position in the core of the Wattenberg Field in the DJ Basin of Colorado that is 100% held-by production, along with a solid base in the Utica Shale, provides the company a deep inventory to drive growth for years to come," Canaccord Genuity said in an analyst note.
My valuation of PDCE is $88/share. Read the profile under the Sweet 16 tab.
PDC Energy - Price Target Raised
PDC Energy - Price Target Raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group