Approach Resources Inc. (AREX) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $3.50 price target 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 equities research analysts have also recently issued research reports about the stock. KLR Group reiterated an accumulate rating and set a $4.50 price target (up previously from $1.25) on shares of Approach Resources in a research report on Wednesday, December 7th. Wunderlich upgraded shares of Approach Resources from a hold rating to a buy rating and boosted their price objective for the company from $4.00 to $5.50 in a report on Wednesday, October 26th. Finally, SunTrust Banks, Inc. upgraded shares of Approach Resources from a reduce rating to a hold rating in a report on Wednesday, October 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $3.63.

Shares of Approach Resources (NASDAQ:AREX) traded up 3.746% on Tuesday, hitting $3.185. 812,878 shares of the stock traded hands. The firm’s market capitalization is $132.53 million. Approach Resources has a 52 week low of $0.60 and a 52 week high of $4.35. The firm’s 50 day moving average is $3.50 and its 200 day moving average is $2.87.

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Several hedge funds have recently made changes to their positions in AREX. Hancock Holding Co. acquired a new stake in shares of Approach Resources during the third quarter worth approximately $121,000. BlackRock Group LTD acquired a new stake in shares of Approach Resources during the third quarter worth approximately $143,000. LMR Partners LLP acquired a new stake in shares of Approach Resources during the second quarter worth approximately $113,000. UBS Asset Management Americas Inc. acquired a new stake in shares of Approach Resources during the third quarter worth approximately $279,000. Finally, Laurion Capital Management LP acquired a new stake in shares of Approach Resources during the second quarter worth approximately $210,000. 51.60% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NASDAQ:AREX

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