UPDATE: Oppenheimer Starts Approach Resources (AREX) at Outperform
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Price: $26.35 +0.08%
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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.
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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
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