UPDATE: Wunderlich Securities Initiates Coverage on American Eagle Energy on Williston Basin Pure Play

In a report published Tuesday, Wunderlich Securities analyst Irene O. Haas initiated coverage on American Eagle Energy AMZG with a Buy rating and $14.00 price target. In the report, Wunderlich Securities noted, “American Eagle Energy Corporation (AMZG) is an independent E&P company drilling in the Williston Basin in North Dakota. The team is strong: the principals have spent most of their careers leasing land and drilling in the U.S. and Canadian parts of the Williston Basin. Chairman of the Board Dick Finley was credited for the discovery of the iconic Elm Coulee Field in Richland County, Montana. We expect this team to lower costs and increase efficiency, resulting in higher reserves per well, better returns, and shorter payback periods. "We are initiating coverage with a Buy rating and a price target of $14 on this Williston Basin pure play. While AMZG is trading below peer average, as the company continues to grow production and deliver strong returns, we expect steady multiple expansion.” American Eagle Energy closed on Monday at $7.15.
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Posted In: Analyst ColorInitiationAnalyst RatingsIrene O. HaasWunderlich Securities
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