UPDATE: J.P. Morgan Downgrades PetroQuest Following Gulf of Mexico Acquisition, 2Q13 Earnings, Company Review

In a report published Tuesday, J.P. Morgan analyst Joseph Allman downgraded the rating on PetroQuest Energy (NYSE: PQ) from Overweight to Neutral.

In the report, J.P. Morgan noted, “We are downgrading PQ to Neutral from Overweight. We updated our NAV and earnings estimates in light of PQ's Gulf of Mexico acquisition, 2Q13 earnings and a review of the company's asset areas and financials.”

PetroQuest Energy closed on Monday at $4.01.