Zacks reaffirmed their neutral rating on shares of Quicksilver Resources (NYSE:KWK) in a research note issued to investors on Thursday, Stock Ratings News reports. The firm currently has a $2.50 price target on the stock.
Zacks’ analyst wrote, “Quicksilver Resources Inc.’s third-quarter 2013 loss per share was in line with the Zacks Consensus Estimate, but revenues surpassed the same. The reported loss was attributable to lower production from the company’s key operational asset. We believe the company’s core competencies lies in its cost abatement measures as well as strategic sale of non-core assets. Quicksilver Resources’ strategic agreement with Eni SpA for the development of shale oil reservoirs in the U.S. will certainly propel the company’s future growth prospects. Moreover, a strong hedging program will insulate Quicksilver Resources from recurring price volatilities. However, government regulation and over-reliance on third parties to market the products could offset the positives. Thus, we maintain our Neutral recommendation on the stock. “
Zacks has also modified their ratings on a number of other energy stocks in the few days. The firm upgraded shares of Renewable Energy Group Inc. from a neutral rating to an outperform rating. The firm now has a $14.00 price target on that stock. Also, Zacks downgraded shares of Matador Resources Co. from an outperform rating to a neutral rating. Their analysts now have a $22.80 price target on that stock. Finally, Zacks upgraded shares of Abraxas Petroleum Corp. from a neutral rating to an outperform rating. Zacks now has a $3.60 price target on that stock.
Quicksilver Resources (NYSE:KWK) remained flat at $2.35 during trading on Thursday. The stock had a trading volume of 1,355,226 shares. Quicksilver Resources has a 52 week low of $1.44 and a 52 week high of $3.57. The stock has a 50-day moving average of $2.28 and a 200-day moving average of $2.01. The company’s market cap is $400.3 million.
Quicksilver Resources (NYSE:KWK) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by $0.01. The company had revenue of $113.00 million for the quarter, compared to the consensus estimate of $116.75 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was down 32.7% on a year-over-year basis. On average, analysts predict that Quicksilver Resources will post $-0.19 earnings per share for the current fiscal year.
Quicksilver Resources Inc (NYSE:KWK) is an independent oil and gas company engaged primarily in the acquisition, exploration, development and production of onshore oil and gas in North America.
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