Approach Resources valuation looks attractive after incident, says Wells Fargo After Approach announced that it had curtailed production of 6.1 Mboe/d since the second week of March due to an electrical storm, Wells Fargo thinks the incident has minimal impact on the company's valuation. The firm recommends buying the shares on weakness, all else being equal. It maintains an Outperform rating on the stock.
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.