Kodiak (NYSE:KOG) Growth Outlook Impressive Says Wells (NYSE:WFC)

Initiating coverage on Kodiak Oil & Gas (NYSE:KOG), Wells Fargo (NYSE:WFC) said they see the company as having an attractive valuation and a strong growth outlook.

Wells said, "We believe Kodiak is a Bakken pure play with an impressive growth outlook and attractive valuation. Our initial EPS estimates for 2010 are $0.05 versus the Street, at $0.06, and our 2011 EPS estimate is $0.50 versus the Street, at $0.38. Our valuation range is $7-8 per share based on our net asset�value estimate of $6.94."

They started Kodiak off with an "Outperform" rating. Kodiak was trading at $6.61, up $0.11, or 1.69 percent, as of 1:28 PM EST. Wells has a valuation range on them of $7-8.