Stifel analyst Michael Scialla noted that the stocks of Exploration & Production companies with significant exposure to Colorado's Niobrara play rebounded following the defeat of Proposition 112, but have since faded and underperformed the broader group as rhetoric from a Democrat-controlled Colorado legislature has investors more concerned about the state's political climate than they were prior to the vote. While he believes greater local control of oil and gas operations in Colorado is "inevitable," Scialla said he does not anticipate significant drilling inventory reductions or cost increases. He looks for Anadarko (APC), Bonanza Creek (BCEI), HighPoint Resources (HPR), Noble Energy (NBL), PDC Energy (PDCE), SRC Energy (SRCI) and Extraction Oil & Gas (XOG) and several private companies to proactively seek a solution to prevent another initiative like Prop. 112 from reaching the 2020 ballot, Scialla tells investors. He views shares of Anadarko, HighPoint, Noble, PDC and SRC as undervalued and maintains Buy ratings on those five stocks.