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Fly News Breaks for August 24, 2016
PDCE
Aug 24, 2016 | 08:40 EDT
After PDC Energy acquired 57,000 net acres in the Delaware Basin, KeyBanc says that concerns about the equity financing of the deal could create a near-term overhang on the stock. However, the firm thinks that the stock will rebound once the details of the financing become more clear. KeyBanc adds that the deal expands the company's inventory to almost 15 years, removing a significant overhang on the stock. KeyBanc increased its price target on the shares to $76 from $72 and keeps an Overweight rating on the shares.
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