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Shale searcher BNK initiated coverage by Mackie as Speculative Buy

BNK Petroleum Inc shares were up more than 5% on Wednesday after the stock was recommended as a Speculative Buy as Mackie Research initiated coverage

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Hail the shale: BNK initiated at Speculative Buy from Mackie

BNK Petroleum Inc (TSE:BKX) shares were up more than 5% on Wednesday after the stock was recommended as a Speculative Buy as Mackie Research initiated coverage.

The 12-month share price target was set at C$0.45.

BNK is developing the oil-rich Caney shale within the SCOOP area in south central Oklahoma.

“The company holds an average 96% working interest in 16,300 net acres of contiguous land located in close proximately to other large shale players including ExxonMobil, and Continental Resources,” said Mackie in a note.

“The company recently commenced a back-to-back 3-well development drilling program targeting the Caney shale. Initial results expected in Q1/17 could be a catalyst for the stock,” it added.

BNK shares were up 5.2% at C$0.30 on Wednesday.

Meanwhile, Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) shares advanced by 2% on Wednesday after brokers at Wedbush raised the share price target to $75 from $66 and maintained an Outperform rating.

“Nexstar raised its FCF guidance Tuesday to a 2016/17 pro forma average of $565mln from $540mln. This is in line with our $568mln estimate," Wedbush said in a note.

Earlier on Wednesday, Nexstar Broadcasting Group Inc, which will change its name to Nexstar Media Group, completed the acquisition of Media General Inc (NYSE:MEG).

Read: Nexstar completes acquisition of Media General

Nexstar shares were up 2% to $62.50 on Wednesday.

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