Market Overview

UPDATE: BMO Capital Markets Raises PT to $55 on PDC Energy on Asset Success, Inventory Update

PDC Energy CFO Gysle Shellum to Retire in 2016
Top 4 NASDAQ Stocks In The Independent Oil & Gas Industry With The Highest ROA

BMO Capital Markets maintained PDC Energy (NASDAQ: PDCE) with an Outperform rating and raised the price target from $42.00 to $55.00.

BMO Capital Markets commented, "Based on PDC's horizontal Niobrara and Codell success, and its recent inventory update in which it provided probable and possible locations, we view the stock as meaningfully undervalued. Our after-tax NAV analysis derives a fair valuation of $49 per share using BMO's price deck and $57 per share at the NYMEX strip. The majority of our valuation is based on the horizontal Niobrara and Codell and gives full credit for probable locations, but no credit for possibles, or “A” or “C” bench resource potential."

PDC Energy closed at $41.17 on Tuesday.

Latest Ratings for PDCE

Nov 2015Stephens & Co.DowngradesOverweightEqual-weight
Oct 2015Deutsche BankMaintainsHold
Sep 2015Cowen & CompanyDowngradesOutperformMarket Perform

View More Analyst Ratings for PDCE
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings


Related Articles (PDCE)

View Comments and Join the Discussion!

Get Benzinga's Newsletters