MLV & Co Reiterates Buy, Raises Price Target On PDC Energy Following Strong Earnings Print

In a report published Friday, MLV & Co analyst Chad Mabry reiterated a Buy rating on PDC Energy Inc (NASDAQ: PDCE), and raised the price target from $62.00 to $66.00.

In the report, MLV & Co noted, "Another strong earnings print reinforces what we already know: PDCE remains well-positioned to outperform through the downturn as (1) its balance sheet and liquidity are robust and (2) it is expected to generate peer-leading production growth (3) despite lower capital spending. The company's best-in-class hedge book provides excellent visibility into 2015 cash flows and should steer the stock safely through what we expect to be a volatile commodity price environment in the near-term. Our NAV-based price target increases to $66 (from $62) on lower net debt and higher-value reserves."

PDC Energy closed on Thursday at $49.71.