C.K. Cooper Raises Petroleum Development PT to $45

C.K. Cooper raised its Petroleum Development (NASDAQ: PETD) price target from $40 to $45 after the company's Analyst Day. C.K. Cooper has a Buy rating on the company.

In the report, C.K. Cooper stated, "PETD provided more detail on horizontal Niobrara well results and the potential of horizontal Codell development. The company recently increased EURs for horizontal Niobrara wells from 300 MBOE to a range of 300-500 MBOE. The improvement in EURs is largely due to location and improvement in frack design."

Shares of Petroleum Development were trading at $37.94 at the time of trading, down 1.38% from from Monday's market close.