Rodman & Renshaw Initiates Coverage on Approach Resources (AREX) with a Market Outperform
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Rodman & Renshaw initiates coverage on Approach Resources Inc. (Nasdaq: AREX) with a Market Outperform rating and $12 target price.
Rodman analyst says, "AREX is a small-cap E&P company focused on finding and exploiting unconventional reservoirs such as tight sands and shales. The company's key development projects are in West Texas and East Texas, and it has exploratory projects in New Mexico, Kentucky, and British Colombia. We believe the stock's current valuation offers investors an attractive entry point as AREX is trading at a discount to its proved reserves, despite having material upside potential on its existing asset base."
Approach Resources Inc. (Approach) is an independent energy company engaged in the exploration, development, production and acquisition of unconventional natural gas and oil properties in the United States and British Columbia.
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