UPDATE: Deutsche Bank Initiates Coverage on WPX Energy with Hold Rating, $19 PT
In a report published Friday, Deutsche Bank initiated coverage on WPX Energy (NYSE: WPX) with a Hold rating and $19.00 price target.
Deutsche Bank noted, “WPX is a transition E&P, where execution has lagged expectations over its first year as a standalone public entity. The stock trades at discounts to the peer group on all metrics, driven primarily by structural challenges of the business (not asset quality). WPX is actively working to address the margin gap, and with improved execution should begin to close the valuation gap. We look for a path to more tangible operational improvements, and a more aggressive approach to the cost-reduction opportunity. Until further catalysts emerge, we have a Hold rating.”
WPX Energy closed on Thursday at $15.08.
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