Bill Barrett initiated with Buy rating at Canaccord

Bill Barrett (BBG -1.2%) is initiated with a Buy rating and $28 price target at Canaccord, which notes BBG has transitioned from 92% gas-weighted to 24% oil-weighted by production.

While the firm's base-case NAV is based on high-margin liquids growth from Niobrara B Bench, upside to NAV could be result from successful results from additional Niobrara benches and Codell, successful testing of 40-acre downspacing and extended laterals in Wattenberg, better performance and downspacing in the Uinta, and execution of asset sales.

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