UPDATE: Global Hunter Securities Upgrades PetroQuest Energy to Buy on Risk/Reward
Global Hunter Securities raised its rating on PetroQuest Energy (NYSE: PQ) from Accumulate to Buy while reducing its price target from $8 to $7.
Global Hunter Securities commented, ": Despite reducing our price target to $7 (from $8), we are upgrading our rating on shares of PetroQuest (PQ) to Buy from Accumulate, reflective of what we believe to be an attractive risk/reward proposition after yesterday's precipitous downward move. While PQ's management increased planned 2012 capex by $20MM to a range of $130MM to $135MM, it did so to reflect an asset sale that is unlikely to close by year end, not in order to spend more money in Q4:12. Our capex estimate has been in the $146MM range."
PetroQuest Energy closed at $5.03 on Wednesday.
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