UPDATE: Oppenheimer Starts Approach Resources (AREX) at Outperform
Tweet Send to a FriendGet Alerts AREX Hot Sheet
Price: $26.50 +0.95%
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade AREX Now!
(Updated - April 4, 2012 7:26 AM EDT)
Oppenheimer initiates coverage on Approach Resources (NASDAQ: AREX) with an Outperform. PT $44.00.
The firm comments, "AREX was an early mover into the Permian Basin, which has become a focal point for the industry over the past year due to its high oil content and "stacked" payzones. We anticipate multiple upcoming catalysts to result in the shares outperforming over the next 12 months; these catalysts include results from a re-frac on its first horizontal "C" bench, an increase in EUR estimates, and pilot horizontal testing from the "A" bench this year."
The price target is based on 8.2x 2013E cash flow of $5.37/share, above the peer group average, but in line with its historical average multiple.
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 $38.55 yesterday, with a 52 week range of $14.14-$38.92.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Oppenheimer initiates coverage on Approach Resources (NASDAQ: AREX) with an Outperform. PT $44.00.
The firm comments, "AREX was an early mover into the Permian Basin, which has become a focal point for the industry over the past year due to its high oil content and "stacked" payzones. We anticipate multiple upcoming catalysts to result in the shares outperforming over the next 12 months; these catalysts include results from a re-frac on its first horizontal "C" bench, an increase in EUR estimates, and pilot horizontal testing from the "A" bench this year."
The price target is based on 8.2x 2013E cash flow of $5.37/share, above the peer group average, but in line with its historical average multiple.
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 $38.55 yesterday, with a 52 week range of $14.14-$38.92.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Topeka Capital Starts Laredo Petroleum (LPI) at Buy, Assets 'Undervalued'
- Barclays Starts SBA Communications (SBAC) at Overweight
- WallachBeth Capital Starts NuVasive (NUVA) at Buy
Create E-mail Alert Related Categories
New Coverage
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
