Approach Resources reports 2012 production up 24% to 7.9 MBoe/d Reports 2012 oil production up 101% to 969 MBbls. Reports 2012 total proved reserves increased 24% to 95.5 MMBoe, and oil proved reserves increased 106% to 37.3 MMBbls.
Approach Resources downgraded to Reduce from Neutral at SunTrust SunTrust downgraded Approach Resources to Reduce to reflect a lower commodity price deck, poor productivity, and reduced capital spending that will decrease production and cash flow. Price target lowered to $3 from $7.
Approach Resources downgraded to Underweight from Equal Weight at Stephens Stephens downgraded Approach Resources to Underweight and lowered its price target on the stock to $3.50 from $14 citing the drop in oil and gas prices.