Deutsche Bank Reiterates Buy On WPX Energy, Sees 24% Upside From Current Levels
In a research report issued today, Deutsche Bank analyst Stephen Richardson reiterated a Buy rating on WPX Energy Inc (NYSE:WPX) with a price target of $29, which represents a potential upside of 24% from where the stock is currently trading.
Richardson commented: “WPX will release its strategy rollout and hold a conference call the morning of Oct 9th. Our view has been that incoming CEO Muncrief brings a much needed sense of urgency and strategic focus to WPX. While we expect clarity on the multi-year strategy and measurable guideposts to performance (production growth, capex) those following the WPX story should not be surprised. The bigger opportunity for WPX is introducing a new CEO and management approach at a company with plenty of opportunity for improvement to the street. We think the opportunity for those focused on mid-cap energy ideas to be compelling.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Richardson has a total average return of 1.9% and a 43.2% success rate. Richardson has a 7.0% average return when recommending WPX, and is ranked #1557 out of 3315 analysts.