Canaccord Genuity Reiterates a 'Buy' on Approach Resources (AREX); Cutting PT After Recent Results

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Canaccord Genuity reiterates a 'Buy' on Approach Resources (NASDAQ: AREX) price target lowered to $38.00.

Analyst, Marcus Talbert, said, "We are reiterating our rating but lowering our price target based on Approach’s latest financial results and project updates. Despite the capital intensity concerns/weaker price realizations, we remain bullish on AREX’s liquids transformation and leading leverage to horizontal Permian Oil. After successfully de-risking the Upper Wolfcamp resource play in the past 12 months, we expect further NAV/share price accretion as the markets dial in the additional stacked potential/inventory upside from AREX’s liquids-rich asset base."

For an analyst ratings summary and ratings history on Approach Resources click here. For more ratings news on Approach Resources click here.

Shares of Approach Resources closed at $32.90 yesterday, with a 52 week range of $14.14-$39.18.

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