Canaccord Reiterates Buy On Sanchez Energy Following Financial Update
Canaccord analyst Stephen Berman reiterated a Buy rating on Sanchez Energy (NYSE:SN) with a $24 price target, as the company provided an interim financial and operations update.
Berman noted, “With 224K net acres in the Eagle Ford (EF), SN is one of the most levered companies to the play relative to its size. Substantial production and cash flow growth should be the drivers to a higher stock price, in our view. A ~60K net acre position in the Tuscaloosa Marine Shale (TMS), where it recently started drilling, provides additional upside.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Berman has a total average return of -23.4% and a 27.3% success rate. Berman has a 57.4% average return when recommending SN, and is ranked #3382 out of 3403 analysts.