UPDATE: Global Hunter Securities Upgrades GeoResources to Buy
Global Hunter Securities upgrades GeoResources (NASDAQ: GEO) to Buy following the company's Q4 results that beat estimates. Price target is raised $4 to $39.
Global Hunter Securities says, "GEOI has consistently not only hit its guidance but exceeded it. Additionally, the company remains relatively underleveraged, and it has opportunistically bought and sold assets with finesse rarely witnessed in the E&P patch. We continue to believe the company is on solid footing. We think investors continue to underappreciate the upside potential offered by its Eagle Ford Shale position. Combine the Eagle Ford position with a core Bakken Shale position, and GEOI is in the camp of E&P companies with drill-ready oil inventory and the capital structure able to support accelerated growth."
GEO closed at $32.20 a share on Wednesday.
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