Thursday, October 7, 2010

PDC Energy (NASDAQ:PETD) Getting Coverage from KeyBanc, Starts with "Buy"

KeyBanc announced they're initiating coverage on PDC Energy (NASDAQ:PETD), and they started them off with a "Buy."

"Got to love an attractively valued stock with catalysts. PETD's valuation is attractive on several metrics, including EV/DCF and EV/EBITDA, as well as implied reserve value in the ground. On average, across these three metrics, PETD trades at a 39.5% discount to peers' valuation."

PDC Energy closed Wednesday at $29.75, gaining $1.07, or 3.73 percent. KeyBanc started them off with a price target of $40.

The company has a market cap of about 573 million.

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