Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Approach Resources from a hold rating to a sell rating in a report on Thursday, July 27th. Zacks Investment Research downgraded shares of Approach Resources from a hold rating to a sell rating in a report on Tuesday, July 18th. ValuEngine downgraded shares of Approach Resources from a sell rating to a strong sell rating in a research note on Friday, September 1st. Robert W. Baird restated a hold rating and issued a $4.00 price target on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, Imperial Capital initiated 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 objective for the company. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $2.79.
Approach Resources (NASDAQ:AREX) traded down $0.01 on Monday, reaching $2.49. 505,988 shares of the company’s stock traded hands, compared to its average volume of 338,525. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33.
Several hedge funds have recently made changes to their positions in AREX. Virtu KCG Holdings LLC lifted its holdings in shares of Approach Resources by 182.8% in the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares in the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in shares of Approach Resources during the 2nd quarter worth $124,000. New York State Common Retirement Fund purchased a new stake in Approach Resources in the 2nd quarter worth about $154,000. Rhumbline Advisers purchased a new stake in Approach Resources in the 2nd quarter worth about $157,000. Finally, Edge Wealth Management LLC grew its holdings in Approach Resources by 25.0% during 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. 24.73% of the stock is owned by institutional investors.
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About Approach Resources
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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