Zacks Investment Research upgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a buy rating in a report released on Tuesday, October 31st. The firm currently has $2.50 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. “
AREX has been the topic of a number of other research reports. ValuEngine cut Approach Resources from a sell rating to a strong sell rating in a report on Friday, September 1st. Imperial Capital started coverage on shares of Approach Resources in a research note on Friday, August 18th. They set an in-line rating and a $2.50 price objective on the stock. BidaskClub lowered shares of Approach Resources from a hold rating to a sell rating in a research note on Thursday, July 27th. Robert W. Baird reiterated a hold rating and set a $4.00 price objective on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, KeyCorp restated a hold rating on shares of Approach Resources in a research report on Thursday, October 12th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $2.79.
Approach Resources (NASDAQ AREX) traded up $0.06 during mid-day trading on Tuesday, hitting $2.31. The stock had a trading volume of 492,613 shares, compared to its average volume of 372,679. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.41 and a quick ratio of 0.41.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $25.61 million during the quarter, compared to the consensus estimate of $25.74 million. analysts forecast that Approach Resources will post -0.39 earnings per share for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the stock. Virtu KCG Holdings LLC lifted its stake 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 valued at $108,000 after purchasing an additional 20,705 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in Approach Resources in the 2nd quarter worth $124,000. New York State Common Retirement Fund bought a new position in Approach Resources in the 2nd quarter worth $154,000. Rhumbline Advisers bought a new position in Approach Resources in the 2nd quarter worth $157,000. Finally, Edge Wealth Management LLC increased its holdings in shares of Approach Resources by 25.0% during the 2nd quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock worth $161,000 after purchasing an additional 10,000 shares during the period. 23.43% of the stock is owned by institutional investors and hedge funds.
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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