Shares of Approach Resources Inc. (NASDAQ:AREX) have earned a consensus recommendation of “Hold” from the nine brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $2.80.
Several analysts have recently weighed in on AREX shares. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. ValuEngine cut Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a report on Monday, November 13th. Scotiabank reiterated a “hold” rating and set a $3.00 target price on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, BidaskClub upgraded Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th.
In related news, major shareholder Wilks Brothers, Llc bought 200,000 shares of the stock in a transaction that occurred on Friday, January 12th. The shares were acquired at an average price of $4.04 per share, with a total value of $808,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 4,089,398 shares of company stock worth $11,804,970. 5.10% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Approach Resources by 2,151.6% during the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after purchasing an additional 469,552 shares during the last quarter. Northern Trust Corp increased its stake in shares of Approach Resources by 264.2% during the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after purchasing an additional 404,580 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Approach Resources by 21.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after purchasing an additional 347,986 shares during the last quarter. Balyasny Asset Management LLC purchased a new stake in shares of Approach Resources during the 2nd quarter worth approximately $910,000. Finally, TIAA CREF Investment Management LLC purchased a new stake in shares of Approach Resources during the 2nd quarter worth approximately $699,000. 23.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Approach Resources (NASDAQ:AREX) traded down $0.15 on Friday, hitting $3.41. 155,681 shares of the company were exchanged, compared to its average volume of 852,409. 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 has a 12-month low of $1.93 and a 12-month high of $4.21. The stock has a market capitalization of $294.15, a price-to-earnings ratio of -1.35 and a beta of 2.67.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The firm had revenue of $25.61 million during the quarter, compared to analyst estimates of $25.74 million. equities analysts anticipate that Approach Resources will post -0.36 EPS for the current year.
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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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