Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a hold rating to a buy rating in a research note released on Friday morning. The firm 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 equities research analysts have also recently issued research reports about the company. KeyCorp restated a hold rating on shares of Approach Resources in a research note on Monday, November 13th. ValuEngine cut Approach Resources from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Scotiabank restated a hold rating and set a $3.00 price target on shares of Approach Resources in a research note on Wednesday, November 22nd. BidaskClub upgraded Approach Resources from a hold rating to a buy rating in a research note on Thursday, January 11th. Finally, Robert W. Baird restated a hold rating and set a $4.00 price target on shares of Approach Resources in a research note on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $3.08.
Approach Resources (NASDAQ:AREX) traded down $0.02 during 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 company has a debt-to-equity ratio of 0.69, a current ratio of 0.41 and a quick ratio of 0.41. The stock has a market capitalization of $338.27, a PE ratio of -1.55 and a beta of 2.67.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $25.61 million during the quarter, compared to analysts’ expectations of $25.74 million. sell-side analysts expect that Approach Resources will post -0.36 EPS for the current fiscal year.
In other Approach Resources news, major shareholder Wilks Brothers, Llc acquired 200,000 shares of the business’s stock in a transaction on Monday, December 4th. The stock was purchased at an average price of $2.39 per share, for a total transaction of $478,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired 4,089,398 shares of company stock valued at $11,804,970 in the last quarter. 5.10% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in AREX. Schwab Charles Investment Management Inc. purchased a new position in Approach Resources in the second quarter worth $252,000. Rhumbline Advisers purchased a new position in shares of Approach Resources in the second quarter valued at $157,000. Bank of New York Mellon Corp increased its position in shares of Approach Resources by 412.6% in the second quarter. Bank of New York Mellon Corp now owns 195,714 shares of the energy company’s stock valued at $660,000 after buying an additional 157,534 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Approach Resources in the second quarter valued at $446,000. Finally, Teachers Advisors LLC purchased a new position in shares of Approach Resources in the second quarter valued at $562,000. Hedge funds and other institutional investors own 24.63% of the company’s stock.
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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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