UPDATE: CK Cooper Initiates Bonanza Creek with Buy, $27 PT on Liquids-Focused Growth
CK Cooper initiates its coverage on Bonanza Creek (NYSE: BCEI) with a Buy rating and a price target of $27.
CK Cooper comments, "BCEI has identified 290 net horizontal Niobrara locations, mostly unbooked, on its Wattenberg Field leasehold. Horizontal development in the field is evolving quickly with several large E&Ps taking the lead to test other formations, including a deeper Niobrara horizon and the Codell formation. It also seems likely that the industry will eventually test the deeper Greenhorn and Graneros formations as well. Efforts are also underway to enhance recovery and improve well economics by drilling longer laterals and wells on tighter spacing."
BCEI closed at $18.16 on Tuesday.
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