Quicksilver Resources (KWK) Shares Continue to Slide as Macquarie Downgrades to Sell

Shares of Quicksilver Resources (NYSE: KWK) are feeling the pain Tuesday morning following an earlier downgrade from Macquarie's John Nelson. The analyst lowered his investment rating on the stock from 'Neutral' to Underperform' and cut his price target by 27.7 percent from $9 to $6.50.

Shares have been cut in half over the past 12 months and are currently trading at the bottom of the 52-week range ($6.17 - 15.98). The stock is down about 1.3 percent to $6.81 at last check.

The stock has been punished even for positive financial results: on August 8th, 2011 the company reported second-quarter revenue of $248 mln versus the consensus estimate of $218.81 mln. The stock fell from $11.75 level to about $9 a share. KWK has continued to tumble since.

According to research on StreetInsider's Rating Insider, five analysts firms have Buy ratings on the stock, four are at Neutral and four suggest to sell shares.

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