Quicksilver Resources shares fall
By
Associated Press
June 12, 2009
|
Shares of Quicksilver Resources Inc. fell Friday after an analyst downgraded the stock, citing the natural gas and oil producer's lack of near-term potential to stand out from the crowd.
KeyBanc Capital Markets Inc. analyst Jack Aydin cut his rating to "Hold" from "Buy", noting the share price surpassed his target of $13 a share.
The Fort Worth, Texas-based company has opportunities to develop resources in the Canadian Horn River Basin and Texas shale fields but lacks "near-term catalysts," he told clients in a research note.
"We do not expect to hear anything regarding these plays anytime soon given the current commodity prices and credit market environment," he wrote.
Quicksilver shares fell 85 cents, or 6.5 percent, to $12.33 in morning trading.
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