Shares of Approach Resources Inc. (NASDAQ:AREX) have been assigned a consensus recommendation of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $2.50.
AREX has been the subject of a number of research analyst reports. BidaskClub lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Friday, February 9th. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Finally, Zacks Investment Research lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Friday, January 19th.
In other Approach Resources news, major shareholder Wilks Brothers, Llc bought 200,000 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was purchased at an average cost of $4.04 per share, with a total value of $808,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Kayne Anderson Capital Advisors LP purchased a new position in shares of Approach Resources in the fourth quarter valued at $19,907,000. BlackRock Inc. grew its holdings in shares of Approach Resources by 2.0% in the fourth quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock valued at $9,975,000 after purchasing an additional 67,260 shares in the last quarter. California State Teachers Retirement System purchased a new position in shares of Approach Resources in the second quarter valued at $257,000. State Street Corp grew its holdings 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 valued at $1,657,000 after purchasing an additional 469,552 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Approach Resources by 163.3% in the fourth quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock valued at $167,000 after purchasing an additional 34,939 shares in the last quarter. 29.02% of the stock is owned by hedge funds and other institutional investors.
NASDAQ AREX traded up $0.07 on Wednesday, reaching $2.79. 389,138 shares of the stock were exchanged, compared to its average volume of 579,453. Approach Resources has a one year low of $1.95 and a one year high of $4.21. The stock has a market cap of $231.12, a price-to-earnings ratio of -7.72 and a beta of 2.76. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61.
Approach Resources (NASDAQ:AREX) last released its earnings results on Thursday, March 8th. The energy company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). Approach Resources had a negative net margin of 106.65% and a negative return on equity of 5.33%. The company had revenue of $28.40 million for the quarter, compared to analysts’ expectations of $28.08 million. During the same quarter last year, the business earned ($0.27) EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. sell-side analysts forecast that Approach Resources will post -0.23 EPS for the current year.
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Approach Resources Company Profile
Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.
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