Equities researchers at Topeka Capital Markets began coverage on shares of Bonanza Creek Energy (NASDAQ: BCEI) in a report issued on Wednesday. The firm set a “hold” rating and a $42.00 price target on the stock.
The analysts wrote, “While we like the Company’s position and upside in the core Wattenberg Niobrara play, we see a higher risk/reward tradeoff for shares following the recent run up [up 38.8% year-to-date vs. the PHLX SIG Oil Exploration and Production (EPX) which is up 9.6% over the same period]. We believe the industry has de-risked a majority of the Core Niobrara in the Wattenberg field and believe this is reflected in the current share price outperformance for Niobrara players. We believe upside may emerge from an accelerated drilling program, which would increase cash flow and accelerate NAV creation, although, at this time we would look for some consolidation before building or adding to a position.”
Shares of Bonanza Creek Energy (NASDAQ: BCEI) traded down 1.76% during mid-day trading on Wednesday, hitting $37.88. Bonanza Creek Energy has a 52 week low of $14.52 and a 52 week high of $42.36. The stock’s 50-day moving average is currently $35.86. The company has a market cap of $1.517 billion and a P/E ratio of 32.99.
A number of other firms have also recently commented on BCEI. Analysts at Global Hunter Securities initiated coverage on shares of Bonanza Creek Energy in a research note to investors on Tuesday. They set a “buy” rating and a $45.00 price target on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Bonanza Creek Energy from $37.00 to $50.00 in a research note to investors on Wednesday, March 20th. Finally, analysts at Stifel Nicolaus downgraded shares of Bonanza Creek Energy from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, March 19th. They now have a $31.00 price target on the stock.
Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $40.13.
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.