Stifel Sees Upcoming 3Q14 Data Points For Memorial Resource Development
In a report published Wednesday, Stifel analyst Michael Scialla reiterated a Buy rating on Memorial Resource Development (NASDAQ: MRD).
In the report, Stifel noted, “MRD is currently completing two Cotton Valley (CV) Upper Red (UR) zone wells at its Temple 8 pad in Terryville Field. One of these is located outside of the field's 3P area as defined by its reserve auditor, NSAI. The company is currently flowing back the four-well Werner pad, which includes MRD's first horizontal well completed in the CV Upper Deep Pink (UDP) interval (also outside NSAI's 3P area for this zone). Production data from both pads should be released with a 3Q14 update in November. Positive well results should contribute significant additions to YE14 proved reserves, which management expects to double from YE13.”
Memorial Resource Development closed on Tuesday at $24.94.
Latest Ratings for MRD
|Jul 2014||Wunderlich||Initiates Coverage on||Buy|
|Jul 2014||Barclays||Initiates Coverage on||Overweight|
|Jul 2014||Wells Fargo||Initiates Coverage on||Outperform|
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