Approach Resources Inc. (NASDAQ:AREX) has earned a consensus rating of “Hold” from the nine research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $2.80.
A number of equities analysts have recently commented on the company. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. BidaskClub raised Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Scotiabank reaffirmed a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st.
In other Approach Resources news, insider Wilks Brothers, Llc acquired 660,113 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was bought at an average price of $2.47 per share, with a total value of $1,630,479.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased 4,089,398 shares of company stock valued at $11,804,970 in the last three months. 5.10% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. bought a new stake in Approach Resources during the second quarter valued at $252,000. Teachers Advisors LLC purchased a new stake in Approach Resources during the second quarter valued at about $562,000. Bank of New York Mellon Corp raised its position in Approach Resources by 412.6% during 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 purchasing an additional 157,534 shares in the last quarter. TIAA CREF Investment Management LLC purchased a new stake in Approach Resources during the second quarter valued at about $699,000. Finally, Vanguard Group Inc. raised its position in Approach Resources by 21.6% during the second quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock valued at $6,603,000 after purchasing an additional 347,986 shares in the last quarter. 23.40% of the stock is owned by institutional investors.
Approach Resources (NASDAQ AREX) traded down $0.11 during trading on Tuesday, hitting $3.02. The stock had a trading volume of 443,100 shares, compared to its average volume of 675,374. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.21. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $261.27, a price-to-earnings ratio of -1.20 and a beta of 2.72.
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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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