Canaccord Genuity Reiterates a 'Buy' on Approach Resources (AREX); UT Lease Sale Supports Thesis on Upside Potential
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Price: $0.08 --0%
Rating Summary:
4 Buy, 11 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 25
Rating Summary:
4 Buy, 11 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 25
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Canaccord Genuity reiterates a 'Buy' on Approach Resources (NASDAQ: AREX) price target of $38.00.
Canaccord analyst, Marcus Talbert, said, "We are reiterating our rating and thesis based on the recent leasing activity in the Permian Basin. Approach Resources remains one of our “Best Ideas” based on its liquids transformation and industry-leading leverage to horizontal oil. In our view, results from the latest UT oil and gas lease sale validate our bullish view on the Permian and imply +$5.50 per share of upside to our NAV. We expect continued NAV accretion and price outperformance as the markets dial in the potential of AREX’s resource base and these emerging Permian trends."
For more ratings news on Approach Resources click here and for the rating history of Approach Resources click here.
Shares of Approach Resources closed at $20.34 yesterday.
Canaccord analyst, Marcus Talbert, said, "We are reiterating our rating and thesis based on the recent leasing activity in the Permian Basin. Approach Resources remains one of our “Best Ideas” based on its liquids transformation and industry-leading leverage to horizontal oil. In our view, results from the latest UT oil and gas lease sale validate our bullish view on the Permian and imply +$5.50 per share of upside to our NAV. We expect continued NAV accretion and price outperformance as the markets dial in the potential of AREX’s resource base and these emerging Permian trends."
For more ratings news on Approach Resources click here and for the rating history of Approach Resources click here.
Shares of Approach Resources closed at $20.34 yesterday.
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