In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Approach Resources AREX, but lowered its price target from $44.50 to $39.50.
J.P. Morgan noted, “We are updating our model based on our newest commodity price deck, which reflects our somewhat cautious view on crude and natural gas pricing, and the latest operating and financial data. Over the near term, AREX plans to release its 2013 production guidance and updated capex guidance and location count.”
Approach Resources closed on Tuesday at $25.70.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in