BidaskClub downgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a report published on Thursday, July 27th.
AREX has been the subject of several other reports. Zacks Investment Research raised shares of Approach Resources from a sell rating to a hold rating in a research note on Tuesday, June 20th. Scotiabank reiterated a hold rating and set a $3.25 price target on shares of Approach Resources in a research report on Tuesday, May 16th. ValuEngine upgraded shares of Approach Resources from a sell rating to a hold rating in a research report on Saturday, July 1st. Finally, Seaport Global Securities cut shares of Approach Resources from a neutral rating to a sell rating and reduced their price target for the company from $3.00 to $0.50 in a research report on Wednesday, June 21st. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Approach Resources currently has an average rating of Hold and a consensus target price of $3.20.
Shares of Approach Resources (NASDAQ AREX) opened at 2.41 on Thursday. The firm’s market capitalization is $208.08 million. Approach Resources has a 52 week low of $1.74 and a 52 week high of $4.35. The stock has a 50 day moving average price of $2.91 and a 200 day moving average price of $2.72.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data 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 net margin of 169.54% and a negative return on equity of 6.84%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted ($0.25) earnings per share. Analysts forecast that Approach Resources will post ($0.27) EPS for the current year.
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In other Approach Resources news, major shareholder Wilks Brothers, Llc acquired 88,000 shares of the business’s stock in a transaction on Monday, June 19th. The shares were acquired at an average price of $2.72 per share, for a total transaction of $239,360.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders acquired 2,351,000 shares of company stock worth $6,368,650. Corporate insiders own 7.80% of the company’s stock.
A number of large investors have recently made changes to their positions in AREX. First Manhattan Co. boosted its stake in shares of Approach Resources by 136.1% in the first quarter. First Manhattan Co. now owns 3,664,779 shares of the energy company’s stock worth $12,386,000 after buying an additional 2,112,371 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock worth $1,773,000 after buying an additional 577,368 shares during the period. State Street Corp boosted its stake in shares of Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after buying an additional 469,552 shares during the period. United Services Automobile Association acquired a new stake in shares of Approach Resources during the first quarter worth $1,039,000. Finally, Northern Trust Corp boosted its stake in shares of Approach Resources by 264.2% in the second quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after buying an additional 404,580 shares during the period. Institutional investors and hedge funds own 24.35% of the company’s stock.
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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