Capital One Downgrades Parallel Petroleum (PLLL) to Neutral
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Capital One Southcoast downgrades Parallel Petroleum (Nasdaq: PLLL) from Add to Neutral, also cutting its price target from $4 to $3.15.
The firm cites the recently planned acquisition of Parallel by Apollo Group. Capital One believes that the stock could come under heavy near-term pressure if the deal does not get approval. To this point, the firm notes that several law firms have already announced that they are investigating the terms of the deal.
Parallel Petroleum Corporation engages in the acquisition, development, and exploration of oil and natural gas reserves in Texas and New Mexico.
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