Analysts at McNicoll Lewis & Vlak Capital raised their rating on Quicksilver Resources Inc (NYSE: KWK) from a "Hold" to a "Buy," with a price target of $17.50 on the company.
"We recently met with management of Quicksilver Resources, and feel confident that 2011 is a year of transition for the Company. As we review our RNAV, we believe KWK shares are getting zero value for its potentially game changer frontier projects. With its take-private efforts now concluded, management is newly focused on getting recognition for the value not recognized in the share price," said MLV.
Much of Quicksilver's outlook is connected to production at its projects in Barnett Shale, located in Texas, where the company recently reported it produced 318.6 million cubic feet of natural gas equivalents per day from its Barnett Shale assets in the first quarter of the year.
Overall in the first quarter of 2011 it produced 392.3 million cubic feet of natural gas equivalents per day from all its properties.
Quicksilver was trading at $14.25, up $0.27, or 1.93 percent, as of 1:11 PM EDT.
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