UPDATE: Oppenheimer Starts Approach Resources (AREX) at Outperform
Get Alerts AREX Hot Sheet
Price: $0.08 --0%
Rating Summary:
4 Buy, 11 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
4 Buy, 11 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
(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.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs Resumes JD.com, Inc (JD) at Buy
- Wells Fargo Starts Americold Realty Trust (COLD) at Equal Weight
- DAM Capital Starts Apollo Tyres (APTY:IN) at Buy
Create E-mail Alert Related Categories
New CoverageSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!