Market Overview

UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Bonanza Creek Energy

Share:
Related BCEI
Netflix, Panera Bread Lead Wednesday's After-Hours Movers
Monday's After-Hours Movers: Callon Petroleum, Callaway Golf And More

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Bonanza Creek Energy (NYSE: BCEI), and raised its price target from $28.00 to $32.00.

BMO Capital Markets noted, “Bonanza Creek announced an aggressive 2013 capital budget that we think reflects the high return nature of its Wattenberg and Arkansas assets and solid balance sheet to accelerate this value realization. Capital spending of $394 mn was above our $351 mn and consensus' $360 mn, with the delta to our estimate primarily due to increased horizontal Wattenberg drilling. In 2013, Bonanza plans to ramp horizontal rig count to four by early 2Q13 and drill 72 gross (64.5 net) operated wells, a seaming improvement in drill times. This level of activity is above the 46 gross horizontals we had modeled (we also assumed some verticals of which none are budgeted), leading to 2013 production guidance of 14.5-16MBoe/d being above our and median Bloomberg consensus estimates of 14.85MBoe/d.”

Bonanza Creek Energy closed on Thursday at $28.41.

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: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings

 

Related Articles (BCEI)

Around the Web, We're Loving...