Market Overview

UPDATE: Stifel Initiates Coverage On Memorial Resource Development On Emerging Terryville Asset

Related MRD
Here's The Best And Worst-Hedged Oil E&Ps Beyond 2015
5 Mid-Cap Basic Materials Stocks With The Highest EPS Growth Forecast For Next 5 Years
After Hours Gainers / Losers (Seeking Alpha)

In a report published Tuesday, Stifel analyst Michael Scialla initiated coverage on Memorial Resource Development (NASDAQ: MRD) with a Buy rating and $30.00 price target.

In the report, Stifel noted, “We are initiating coverage of Memorial Resources with a Buy rating and 12-month target price of $30 per share. Our target assumes the stock achieves 100% of our total risked net asset value (NAV) estimate. An emerging multi-zone horizontal Cotton Valley sand play in north Louisiana's Terryville Field could drive our proved NAV estimate to $40/share at YE16 from $7/share at YE13 and annual production growth of 55% over this three-year period. Our total risked NAV is currently based on 180 net Terryville drilling locations, or less than 20% of the 990 net locations identified in the field. The latter implies a 28-year inventory based on the 2014 drilling pace.”

Memorial Resource Development closed on Monday at $25.36.

Latest Ratings for MRD

Apr 2015BarclaysReinstatesOverweight
Apr 2015Raymond JamesMaintainsOutperform
Apr 2015Goldman SachsInitiates Coverage onNeutral

View More Analyst Ratings for MRD
View the Latest Analyst Ratings

Posted-In: Michael Scialla StifelAnalyst Color Initiation Analyst Ratings


Related Articles (MRD)

Around the Web, We're Loving...