UPDATE: Pritchard Capital Partners Upgrades Endeavour International Corporation to Buy on Alba Acquisition

Pritchard Capital Partners raises its rating on Endeavour International Corporation

from Neutral to Buy and raises its price target from $13 to $21. Pritchard Capital Partners comments, "END yesterday announced the closing of the acquisition of an additional 23.43% WI in the Alba field in the UK North Sea from ConocoPhillips (COP, $52.16-NR) . We are putting the COP acquisition back in our numbers, thus raising our NAV and price target to $21 and $14 from $13 and $10. Our 2012 EPS/CFPS estimates go to $1.06/$4.10 from ($0.32)/$1.26 primarily driven by the increase in our production forecast to 11.9 MBoe/d from 6.6 Mboe/d which is slightly offset by higher operating expenses and the PRT tax." END closed at $9.99 on Thursday.