KeyBanc Downgrades Goodrich Petroleum (GDP) and Approach Resources (AREX) to Hold
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KeyBanc downgraded Goodrich Petroleum (NYSE: GDP) and Approach Resources (NASDAQ: AREX) from Buy to Hold. Analyst David Deckelbaum said he was waiting for greater clarity on commodity prices and CapEx.
"Timing might be suspect, but we believe many names offer material upside to NAV estimates and can endure weak prices beyond 2015 without materially impairing their balance sheet. However, others may need to materially cut CapEx and may exhibit too much uncertainty given balance sheet constraints, reliance on third-party capital events and challenged asset economics for investors to be willing to provide the benefit of the doubt. As such, we are downgrading Approach Resources Inc. and Goodrich Petroleum Corporation from BUY to HOLD as we await greater clarity on commodity levels and resultant CapEx actions," he said.
Shares of Approach Resources closed at $9.72 yesterday.
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