Bonanza Creek Energy (NASDAQ:BCEI) was upgraded by equities research analysts at Wunderlich from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $60.00 price target on the stock, up from their previous price target of $59.00. Wunderlich’s price target points to a potential upside of 18.62% from the stock’s previous close.
The analysts wrote, “Bonanza Creek Energy, Inc (BCEI) reported a strong quarter. Revenues, production, pricing costs and earnings all exceeded expectations. In addition, BCEI released positive test results from Codell, Niobrara C, and extended reach lateral Niobrara B wells. BCEI plans to bring 14 horizontal Niobrara wells on line during 4Q13 and continues to work on its “Super Section” tests. BCEI plans to provide its 2014 outlook in January next year, with production in 1Q14 likely lumpy as wells from the ‘Super Section’ will not come online until March 2014. We downgraded the stock on October 22, 2013, due to valuation but held onto our thesis that BCEI is a quality name and should be a core holding. Given the recent pullback, we are upgrading our rating to Buy and are raising our target from $59 to $60.”
A number of other firms have also recently commented on BCEI. Analysts at Topeka Capital Markets raised their price target on shares of Bonanza Creek Energy from $48.00 to $52.00 in a research note to investors on Friday. They now have a “hold” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Bonanza Creek Energy from $50.00 to $55.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Howard Weil raised their price target on shares of Bonanza Creek Energy from $51.00 to $72.00 in a research note to investors on Friday. They now have a “sector outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.18.
Shares of Bonanza Creek Energy (NASDAQ:BCEI) opened at 50.58 on Monday. Bonanza Creek Energy has a 1-year low of $20.83 and a 1-year high of $57.47. The stock has a 50-day moving average of $50.27 and a 200-day moving average of $41.67. The company has a market cap of $2.037 billion and a price-to-earnings ratio of 36.00.
Bonanza Creek Energy (NASDAQ:BCEI) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. The company had revenue of $125.97 million for the quarter, compared to the consensus estimate of $106.04 million. Bonanza Creek Energy’s revenue was up 116.0% compared to the same quarter last year. Analysts expect that Bonanza Creek Energy will post $1.80 EPS for the current fiscal year.
Bonanza Creek Energy, Inc is an oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States.
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