- Approach Resources (AREX -13.2%) plunges as disappointing well results outweigh better than expected Q2 earnings and production.
- Q2 natural gas and natural gas liquids volumes topped internal projections while oil output continues to track the type curve, and AREX increased its 2014 production guidance by 3%, but 24-hour initial production rates fell substantially Q/Q due to changes in completion design.
- Mizuho maintains its Neutral rating on AREX while lowering its price target by $1 to $20, as acreage quality and per-well rates of return are below peers (Briefing.com).