NEW YORK (TheStreet) -- Emerald Oil (EOX) had coverage initiated with a "buy" rating by analysts at Brean Capital on Monday while setting a $10 price target on the company's shares.
The company's large holdings -- 91,000 acres -- in the oil-rich Bakken Shale region and high oil prices due to the conflict in Iraq were reasons for the upgrade.
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Shares are flat in early market trading today.
TheStreet Ratings team rates EMERALD OIL INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMERALD OIL INC (EOX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."