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Fly News Breaks for August 7, 2018
PDCE
Aug 7, 2018 | 07:29 EDT
Macquarie analyst Paul Grigel downgraded PDC Energy to Neutral and reduced its price target to $65 from $68 given increased risk from Colorado Initiative 97. The initiative establishes a minimum setback of oil and gas wells to 2,500 feet from the current 500 feet for homes and 1,000 feet for schools. Grigel said the initiative faces an uphill battle, but recent changes in Colorado's population, high profile events, increased Democratic party support, and a wild card national election creates more uncertainty.
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