Approach Resources Inc. (NASDAQ:AREX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada. “
Several other equities analysts have also commented on the stock. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Seaport Global Securities lowered shares of Approach Resources from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. BidaskClub lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Imperial Capital began coverage on shares of Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 price target for the company. Finally, Robert W. Baird reiterated a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Approach Resources presently has an average rating of “Hold” and a consensus price target of $3.25.
Approach Resources (NASDAQ AREX) opened at 2.49 on Monday. The stock’s market capitalization is $214.99 million. Approach Resources has a 12 month low of $1.93 and a 12 month high of $4.33. The firm’s 50-day moving average is $2.61 and its 200 day moving average is $2.66.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $24.97 million for the quarter, compared to the consensus estimate of $25.86 million. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.25) EPS. On average, equities analysts anticipate that Approach Resources will post ($0.29) earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu KCG Holdings LLC grew its position in Approach Resources by 182.8% in the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after buying an additional 20,705 shares in the last quarter. Kornitzer Capital Management Inc. KS bought a new position in Approach Resources in the 2nd quarter valued at about $124,000. New York State Common Retirement Fund bought a new position in Approach Resources in the 2nd quarter valued at about $154,000. Rhumbline Advisers bought a new position in Approach Resources in the 2nd quarter valued at about $157,000. Finally, Edge Wealth Management LLC grew its position in Approach Resources by 25.0% in the 2nd quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after buying an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 24.34% of the company’s stock.
Approach Resources Company Profile
Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.
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