Canaccord Genuity Reiterates a 'Buy' on Approach Resources (AREX); Wolfcamp Progress Confirms our Bullish Permian Stance

November 4, 2011 9:44 AM EDT
Get Alerts AREX Hot Sheet
Price: $3.17 +0.96%

Rating Summary:
    8 Buy, 15 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Canaccord Genuity reiterates a 'Buy' on Approach Resources (NASDAQ: AREX) price target raised to $38.00.

Canaccord analyst, Marcus Talbert, said, "We are reiterating our rating and raising our target price based on Approach’s strong project updates. Approach Resources remains one of our “Best Ideas” based on its liquids transformation shift and industry-leading leverage to the horizontal oil concepts in the Permian Basin. In our view, the 2011 Wolffork Oil Shale testing program has successfully de-risked a meaningful amount of resource potential. We expect continued NAV/share price accretion as the markets dial in the potential of AREX’s liquids-rich resource base."

For more ratings news on Approach Resources click here and for the rating history of Approach Resources click here.

Shares of Approach Resources closed at $27.51 yesterday.

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