UPDATE: Wunderlich Securities Upgrades Resolute Energy Corporation to Buy; Adds to Permian Basin Interest
Wunderlich Securities upgraded Resolute Energy Corporation (NYSE: REN) from Hold to Buy and raised the price target from $10.00 to $13.00.
Wunderlich Securities commented, "Resolute Energy (REN) has been busy acquiring assets in the Permian Basin and announced last week that it would exercise a $255 million option to acquire the remaining interests (and operatorship) of assets in Midland and Ector counties. This acquisition adds over 2,000 boe/day of production and about 11 mmboe of proven reserves while also further increasing Resolute's potential horizontal inventory from the Permian. We feel the horizontal potential in the Permian provides significant upside for the company, but even if the promising results from the industry don't pan out we believe the assets are strong economically from a vertical perspective and should drive nice growth for Resolute going forward."
Resolute Energy Corporation closed at $10.45 on Friday.
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