UPDATE: Canaccord Initiates EPL Oil & Gas at Hold Citing Full Valuation

In a report published on Wednesday, Canaccord analyst Stephen Berman initiated EPL Oil & Gas EPL at a Hold Rating and a price target of $35.

In the report, Canaccord noted, "As a result of several smart acquisitions beginning in 2011, which doubled the size of the company, and a focus on execution with the drill bit, EPL has transitioned to a production profile approaching 80% oil, from one that was less than 50% as recently as 2010.".

EPL Oil & Gas closed on Tuesday at $32.55.