Market Overview

UPDATE: Wunderlich Initiates Bonanza Creek Energy With Buy, $29 PT on Visible Organic Growth

Share:
Related BCEI
Netflix, Panera Bread Lead Wednesday's After-Hours Movers
Monday's After-Hours Movers: Callon Petroleum, Callaway Golf And More
Energy Prices in a Freefall: These Stocks Have the Most to Lose - Industry Outlook (Zacks)

Wunderlich initiates its coverage on Bonanza Creek Energy (NYSE: BCEI) with a Buy rating and a price target of $29.

Wunderlich comments, "Bonanza Creek has a low-risk oily inventory capable of driving high-impact growth. We like BCEI's 29,262 net acres in the very tightly held Wattenberg Field, which is “hot” again with stacked horizontal potentials. BCEI ended 2011 with proved reserves of 43.9 mmboe. We believe that based on current inventory, BCEI can easily double its reserves. If the Niobrara C and Codell tests are proven productive, BCEI could triple its proved reserve base. The Mid-Continent Cotton Valley Play could also yield more drilling locations with five-acre down spacing. We would buy BCEI ahead of the more positive catalysts from the Niobrara."

BCEI closed at $14.97 on Thursday.

Latest Ratings for BCEI

DateFirmActionFromTo
Apr 2015Deutsche BankMaintainsHold
Mar 2015Cowen & CompanyInitiates Coverage onMarket Perform
Mar 2015Credit SuisseReinstatesOutperform

View More Analyst Ratings for BCEI
View the Latest Analyst Ratings

Posted-In: WunderlichAnalyst Color Price Target Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (BCEI)

Around the Web, We're Loving...