Zacks Investment Research upgraded shares of Dejour Energy, Inc. (DEJ) from NEUTRAL to OUTPERFORM on January 27, 2014, with a target price of $0.50.
Dejour Energy is producing natural gas from the Williams Fork formation in the Piceance Basin. During 2014, management plans to drill an additional 7 Williams Fork natural gas wells and a Niobrara shale gas well at Kokopelli. Funding for the Phase 2 project is expected from the announced venture with a Singapore-based company. Also, we anticipate a positive revision of the reserve estimates in the annual release of the 51-101-compliant assessment due out in the next couple of months. We raise our rating on Dejour's stock to Outperform and raise our price target back up to $0.50.
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