Fly News Breaks for December 19, 2019
Dec 19, 2019 | 16:15 EDT
Stifel analyst Michael Scialla resumed coverage of Bonanza Creek Energy with a Buy rating and $51 price target. After emerging from bankruptcy in 2017 and installing new management last year, Bonanza is well positioned to "close the valuation gap" with mid-cap peers over the next 12 months, Scialla tells investors in a research note. The stock is valued at a 30% discount to the mid-cap peer group based on enterprise value to estimated 2020 EBITDA, contends the analyst. Scialla views Bonanza's well productivity as "vastly improved" and its balance sheet as "strong."
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