GMX Resources Inc. (GMXR) Maintains Buy Rating
March 16, 2010 1:01 PM
Wunderlich Securities has released an update on GMX Resources Inc. (NYSE: GMXR). The company reported its fourth-quarter results on March 11.
GMX Resources reported EPS of $0.20 in its fourth-quarter. The company reported operating results in-line with expectations. GMX finished the fourth-quarter with $35.6 million in cash on hand. The company’s debt totaled $190.2 million and it had a $130 million credit line available at year-end.
Wunderlich has made adjustments to its 2010 earnings and cash flow estimates for GMX Resources. The adjustments have been made to reflect a higher G&A forecast that more than offsets the lower tax rate. Wunderlich has lowered EPS estimate from $0.55 to $0.48 and cash flow estimates from $2.89 per share to $2.40 per share.
Wunderlich Securities has maintained its Buy rating and $17 price target for GMX Resources Inc.
