Notable Analyst Upgrades and Downgrades (NASDAQ: OPNT) (TSX: TBE)

U.S.

Opnet Technologies Inc (NASDAQ: OPNT), a provider of application and network performance management solutions, was downgraded by Evercore Partners and Sidoti & Company LLC to equalweight and neutral from overweight and buy respectively. Evercore and Sidoti both have assigned a price target of $43 on the stock, indicating upside of 34% from current levels. Former U.S. SEC Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of OPNT to Riverbed Technology, Inc. As per the proposed sale, Opnet shareholders will receive approximately $43 in cash and stock for each share they own in the deal valued at approximately $921 million. Shareholders of Opnet will receive only 0.2774 shares of Riverbed common stock plus $36.55 in cash for each share of OPNT stock owned.

Stephens Inc downgraded Approach Resources Inc (NASDAQ: AREX), an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties, to underweight from equalweight with a price target of $20 (earlier target of $25) indicating downside of 23.1% from current levels.

Wells Fargo Securities, LLC downgraded EQT Corp (NYSE: EQT), a natural gas producer in the Appalachian Basin, to market perform from outperform. For the latest third quarter 2012 earnings, EQT recorded net income of $36.7 or 21 cents per share as compared to $67.6 million or 45 cents per share in the same period a year ago.

Tudor Pickering & Co downgraded Lufkin Industries Inc (NASDAQ: LUFK), a global supplier of artificial lift products, technology, services and solutions to the oil and gas industry, to hold from buy. While reporting its third quarter 2012 earnings on Oct 29, LUFK cut its full-year profit production to $2.81 to $2.91 per share, excluding one-time items, as compared to earlier estimate of $3.00 to $3.20 per share. Also, revenue guidance was narrowed down to a range of $1.26 billion to $1.27 billion as compared to earlier range of $1.25 billion to $1.27 billion.

Roth Capital Markets downgraded Actuate Corp (NASDAQ: BIRT), provider of software and services to develop and deploy custom Business Intelligence and information applications, to neutral from accumulate with price target cut to $6.5 from $8.5 assigned earlier. For third quarter 2012, the company reported non-GAAP net income of $4.0 million or 8 cents per diluted share as compared to $6.8 million or 13 cents per diluted share in year ago quarter.

Canada

Raymond James upgraded Gasfrac Energy Services Inc (TSX: GFS), an oil and gas service company providing liquid petroleum gas (LPG) fracturing services to oil and gas companies in Canada and U.S., to outperform from market perform with a price target of C$ 2 indicating downside of 52.7% from current levels.

Also, Raymond James initiated MEG Energy Corp (TSX: MEG) and BlackPearl Resources Inc (TSX: PXX) with a outperform rating and a price target of C$ 46 and C$ 5 respectively indicating upside of 25.2% and 43.7% from current levels. MEG, a Canadian oil sands company focused on sustainable in place development and production in the Southern Athabasca region of Alberta, reported net earnings of $47.5 million or 24 cents per diluted share for third quarter 2012 as compared to net loss of $115.2 million or 60 cents per diluted share in the year ago quarter. Total production for the quarter increased 14% to 23,941 barrels bpd.

PXX is an oil and natural gas company engaged in the business of oil and gas exploration, development and production in North America. Yesterday (Oct 30), It was known that the company has obtained approval of a secondary listing of its Swedish Depository Receipts on NASDAQ OMX Stockholm and it will commence trading on the main market from Nov 6, 2012.

BMO Capital Markets initiated Twin Butte Energy Ltd (TSX: TBE), junior oil and gas exploration and production company of natural gas properties in Western Canada, with an outperform rating and a price target of C$ 3.50 indicating upside of 16.7% from current levels. Analyst Gordon Tait believes that the high-yielding heavy oil developer has a lower risk profile than many of its peers. He also added that TBE is targeting modest annual production and is well funded through next year from internally generated cash flow.

Disclosure

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