Petroleum Development (PETD +6.8%) rallies after its Q3 blows away estimates. Revenue doubled...

|By:, SA News Editor

Petroleum Development (PETD +6.8%) rallies after its Q3 blows away estimates. Revenue doubled Y/Y on a 24% jump in production over the prior period as the driller increased its number of operating wells to 39. Additionally, the company says its acquired the rights for up to 40,000 additional net acres in the Utica shale play for approximately $70M. Global Hunter upgrades the stock to Buy on the results.