Global Hunter Maintains Accumulate on Brigham Exploration (BEXP)

Global Hunter is out with its report today on Brigham Exploration (NASDAQ: BEXP), maintaining Accumulate.

In a note to clients, Global Hunter writes, "Brigham is accelerating activity in the Bakken again. Just months after announcing it would take its operated rig count from eight to 12 between September 2011 to September 2012, BEXP is accelerating activity by six months and adding two rigs around mid-year and two additional rigs at the beginning of 2012. To fund acceleration (plus bolt on additional acreage), BEXP is conducting a $250 million senior notes offering. We are maintaining our Accumulate rating and price target of $41 per share based on 18.0x 2011 EBITDA and 12.2x 2012 EBITDA, and a 23% per annum discount rate to our 2015 proved NAV of $83.97 per share."

At the time of posting, shares of BEXP were trading pre-market at $27.24, up 0.33% from Monday's close.