UPDATE: Rodman & Renshaw Maintains Outperform, Raises PT to $32 on GeoResources

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Rodman & Renshaw reiterates its Outperform rating on GeoResources (NASDAQ: GEOI) and raises its price target to $32 from $30 to reflect drilling efficiencies.Rodman & Renshaw says, "Some of the efficiencies the company expects to realize include increased drilling speed and a shorter time between rig release and spud. As a result, thecompany may be able to drill a couple additional wells in the Bakken and Eagle Ford. GEOI now expects to drill 23-28 wells in the Bakken (up from 23-26) and 20-25 wells in the Eagle Ford (from 21-24) this year. The impact of any additional wells on 2012 capex should be muted by cost savings, so the company is not adjusting its capex guidance for the year of $188-$223 million (we are at ~$205 million)."GEOI closed at $29.46 per share on Tuesday.

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