UPDATE: Global Hunter Securities Upgrades EPL Oil & Gas to Buy on Upside from Brent Hedging
Global Hunter Securities raised its rating on EPL Oil & Gas (NYSE: EPL) from Accumulate to Buy and increased its price target from $25 to $28.
Global Hunter Securities noted, "We are upgrading EPL shares to Buy from Accumulate on the heels of management's opportune hedging of Brent-linked crude oil barrels at prices above $100/bbl as well as above our $95/bbl blended realization estimate. This revisit of our hedge book estimates since EPL reported Q3:12 financial results amounts to $28MM in incremental 2013 cash flow and $23MM in incremental 2014 cash flow as compared to our prior estimates."
EPL Oil & Gas closed at $22.00 on Tuesday.
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