Analyst Subash Chandra of Benchmark Co. maintained a Buy rating on Amplify Energy (AMPY – Research Report), retaining the price target of $11.00.
Subash Chandra has given his Buy rating due to a combination of factors surrounding Amplify Energy’s strategic moves and growth potential. The scheduled shareholder vote to approve the merger with Juniper Capital’s Rockies portfolio is seen as a significant step towards expanding the company’s scale and reducing risks associated with its offshore California operations. This acquisition not only diversifies Amplify Energy’s asset base but also provides a more stable platform for future developments, which is a positive catalyst for investors.
Furthermore, the acquisition of North Peak O&G and Century O&G, which includes substantial acreage in the DJ Basin and PRB, is expected to enhance liquidity and operational flexibility. With Juniper Capital poised to become a long-term shareholder, there is a strong alignment of interests that supports Amplify Energy’s strategic objectives. The anticipated reserve update, highlighting robust organic growth from Beta development, further reinforces the company’s potential for high returns, justifying the Buy rating.
In another report released on February 24, Roth MKM also maintained a Buy rating on the stock with a $9.50 price target.
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