Approach Resources (AREX) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a hold rating to a buy rating in a report published on Friday morning. Zacks Investment Research currently has $4.50 price objective on the energy company’s stock.

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. “

Other research analysts have also recently issued research reports about the company. BidaskClub upgraded Approach Resources from a hold rating to a buy rating in a research report on Thursday, January 11th. Scotiabank reaffirmed a hold rating and set a $3.00 price objective on shares of Approach Resources in a research note on Wednesday, November 22nd. KeyCorp reaffirmed a hold rating on shares of Approach Resources in a research note on Monday, November 13th. Robert W. Baird reaffirmed a hold rating and set a $4.00 price objective on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, ValuEngine lowered Approach Resources from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $3.08.

Shares of Approach Resources (NASDAQ:AREX) traded down $0.02 during mid-day trading on Friday, hitting $3.91. The stock had a trading volume of 1,850,300 shares, compared to its average volume of 967,233. Approach Resources has a twelve month low of $1.93 and a twelve month high of $4.21. The stock has a market capitalization of $338.27, a PE ratio of -1.55 and a beta of 2.67. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The business had revenue of $25.61 million during the quarter, compared to analysts’ expectations of $25.74 million. analysts forecast that Approach Resources will post -0.36 EPS for the current year.

In related news, insider Wilks Brothers, Llc acquired 660,113 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were acquired at an average price of $2.47 per share, with a total value of $1,630,479.11. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have purchased 4,089,398 shares of company stock worth $11,804,970. Corporate insiders own 5.10% of the company’s stock.

A number of large investors have recently modified their holdings of AREX. Virtu KCG Holdings LLC boosted its stake 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 worth $108,000 after buying an additional 20,705 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in Approach Resources in the 2nd quarter worth about $154,000. Kornitzer Capital Management Inc. KS boosted its stake in Approach Resources by 68.1% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after buying an additional 25,000 shares during the last quarter. Rhumbline Advisers acquired a new stake in Approach Resources in the 2nd quarter worth about $157,000. Finally, Parametric Portfolio Associates LLC boosted its stake in Approach Resources by 14.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after buying an additional 6,781 shares during the last quarter. 24.63% of the stock is currently owned by hedge funds and other institutional investors.

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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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