Bonanza Creek Energy Downgraded by Wunderlich to Hold (BCEI)
Bonanza Creek Energy (NASDAQ:BCEI) was downgraded by stock analysts at Wunderlich from a “buy” rating to a “hold” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $59.00 price target on the stock, up from their previous price target of $52.00. Wunderlich’s target price would suggest a potential upside of 13.64% from the company’s current price.
The analysts wrote, “Bonanza Creek Energy, Inc (BCEI) is packing a lot of growth toward the second half. With DCP’s (DPM-NR) LaSalle Plant coming on line this month, line pressure has dropped significantly and this bodes well for BCEI. We raised our NAV to $59 from $52, mainly by pricing BCEI’s probable reserves estimate at $8.39/boe, up from our prior estimate of $6.99/boe, reflecting BCEI’s success in its horizontal program and its oilier production mix. With momentum being so strong, we would not be surprised if BCEI shares will hit our $59 price target soon. At these levels, we believe the stock is fairly valued and we are downgrading BCEI from a Buy to a Hold as the stock has performed very well since mid-June 2012.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Canaccord Genuity raised their price target on shares of Bonanza Creek Energy from $50.00 to $60.00 in a research note to investors on Monday, October 21st. They now have a “buy” rating on the stock. Separately, analysts at Sidoti initiated coverage on shares of Bonanza Creek Energy in a research note to investors on Friday, October 18th. They set a “buy” rating on the stock. Finally, analysts at Raymond James raised their price target on shares of Bonanza Creek Energy from $48.00 to $52.00 in a research note to investors on Monday, October 14th. They now have an “outperform” rating on the stock. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $48.18.
Bonanza Creek Energy (NASDAQ:BCEI) traded down 0.75% on Tuesday, hitting $51.92. The stock had a trading volume of 439,739 shares. Bonanza Creek Energy has a 1-year low of $19.67 and a 1-year high of $46.59. The stock’s 50-day moving average is $40.45 and its 200-day moving average is $37.93. The company has a market cap of $2.092 billion and a P/E ratio of 49.49.
Bonanza Creek Energy (NASDAQ:BCEI) last announced its earnings results on Thursday, August 8th. The company reported $0.36 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.44 by $0.08. The company had revenue of $84.50 million for the quarter, compared to the consensus estimate of $87.46 million. The company’s quarterly revenue was up 64.1% on a year-over-year basis. On average, analysts predict that Bonanza Creek Energy will post $1.77 earnings per share 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.