McNicoll Lewis & Vlak Starts GMX Resources (GMXR) at Buy, $7.50 Price Target

McNicoll Lewis & Vlak initiates coverage on shares of GMX Resources (NYSE: GMXR) with a Buy rating and $7.25 price target.

The firm comments that the company is positioned in two of the most attractive established U.S. shale basins: the Haynesville Shale of NE Texas/NW Louisiana and more recently in the Williston Basin of North Dakota.

GMXR’s Haynesville position remains attractive as a strong cash flow generator due to its low Finding & Development and LOE costs in the region.

The company is at an earlier stage in this transition, and any future success in the Bakken and Niobrara should be a potential catalyst for the stock.

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

Shares of GMX Resources closed at $5.75 yesterday.

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