UPDATE: Sterne Agee Downgrades Resolute Energy to Underperform

Sterne Agee lowers its rating on Resolute Energy Corp.

to Underperform from Neutral as growth catalysts continue to be pushed out. Sterne Agee says, “Our downgrade stems from an update provided in the company's December investor presentation released this week. The update illuminates an increasingly drawn-out development plan for many of the company's key growth areas. As a result, we are reducing production estimates: 4Q11 declines from 8.4 to 7.9 mboe/d, 2012 from 8.9 to 8.4 mboe/d and 2013 from 9.8 to 9 mboe/d.” REN closed at $13.61 per share on Tuesday.