UPDATE: Wunderlich Securities Raises Price Target on PDC Energy to $47
According to Wunderlich Securities, PDC Energy (NASDAQ: PETD) price target is raised to $47.
Wunderlich Securities said that PDC Energy (PETD) released year-end proved reserves of 1 Tcfe along with positive updates from the horizontal Niobrara Play and the Marcellus Shale trend. “DC has lots of running room: its internal 3P (proved, probable, and possible) reserves estimates increased to 2.1 Tcfe from 1.4 Tcfe. We reiterate our Buy rating on PDC, as we believe that the company is well prepared for 2012.”
PDC Energy closed yesterday at $33.30.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
