Market Overview

UPDATE: C.K. Cooper Initiates Coverage on Approach Resources with Buy Rating, $43 PT

Related AREX
Mid-Morning Market Update: Markets Open Higher; BioMarin To Acquire Prosensa For $17.75/Share
Markets Slip A Percent; Walgreens Falls

In a report published Friday, C.K. Cooper & Company initiated coverage on Approach Resources (NASDAQ: AREX) with a Buy rating and $43.00 price target.

C.K. Cooper noted, “We are initiating coverage on Approach Resources Inc. with a BUY rating and a price target of $43.00. AREX is a small cap E&P with an operational focus in the Southern Midland Basin on the southeastern portion of the broader Permian Basin in west Texas. The Company maintains a concentrated footprint of 166,000 gross (146,000 net) acres with multiple, stacked horizontal and vertical targets across its acreage. This operational focus has provided the Company with a strong reserve base, which serves as a solid foundation while establishing a deep inventory of liquids-rich drilling opportunities. Its seasoned management team emphasizes low risk and low cost development, and maintaining financial flexibility to achieve consistent production and reserve growth.”

Approach Resources closed on Thursday at $30.67.

Latest Ratings for AREX

DateFirmActionFromTo
Oct 2014WunderlichMaintainsBuy
Oct 2014KLR GroupUpgradesAccumulateBuy
Oct 2014KeyBancMaintainsBuy

View More Analyst Ratings for AREX
View the Latest Analyst Ratings

Posted-In: C.K. Cooper & CompanyAnalyst Color Initiation Analyst Ratings

 

Related Articles (AREX)

Around the Web, We're Loving...

Get Benzinga's Newsletters