Sterne Agee Reiterates Resolute Energy at Neutral on Analyst Day
In a report published on Friday, Sterne Agee analyst Tim Rezvan reiterated a Neutral rating on Resolute Energy (NYSE: REN) following Resolute's analyst day.
In the report, Sterne Agee stated, "Resolute hosted an Analyst Day in Denver Wednesday, providing a deep dive into its asset base. Management expects its divestiture of Bakken assets to close in the next two months, but continued high leverage (we estimate post-sale net debt-TTM EBITDA of 4.6x) is a concern, despite the recent pullback in shares...Resolute reiterated its previous 2013 production guidance of 13-15 mboe/d and capital spending of $195-$220 million. "
Resolute Energy closed on Thursday at $7.79.
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