Credit Suisse (CS) upgraded shares of Petroleum Development Corp. (NASDAQ:PETD) from "Neutral" to "Outperform," citing the recent pullback is a buying opportunity.
Weak results in the first quarter caused the share price of the company to get punished, but it rebounded strongly on Thursday, closing up by almost 9 percent.
Credit Suisse noted that the company has a deep oil-weighted project inventory that the market isn't taking into account concerning the valuation of the company.
Petroleum Development Corporation participates in the exploration for, development, production, and marketing of oil and natural gas.
It closed Thursday at $35.38, gaining $2.91, or 8.96 percent.
No comments:
Post a Comment