Goldman Sachs Reiterates Buy Rating, $59 PT on Bonanza Creek Energy Following Solid 3Q Beat, Strong Wattenberg Well Results

In a report published Monday, Goldman Sachs analyst Joseph B. Stewart reiterated a Buy rating and $59.00 price target on

. In the report, Goldman Sachs noted, “BCEI reported 3Q13 adjusted EPS/EBITDA of $0.63/$84 mn vs. our $0.54/$75 mn and consensus $0.50/$73 mn. Total production was about 7% higher than our forecast and 10% above the Street, while overall cash costs were in line with our expectations. We maintain our 12-month, NAV-multiples and M&A-based price target of $59 and revise our 2013/2014/2015 EBITDA estimates to $280/$456/$550 mn from $266/$447/$538 mn on production/other fine tuning.” Bonanza Creek Energy closed on Friday at $50.58.