Approach Resources (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 analysts have also recently issued research reports about the company. KLR Group cut Approach Resources from a “buy” rating to a “hold” rating and set a $3.00 price objective on the stock. in a research note on Monday, May 14th. ValuEngine upgraded Approach Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 2nd. Finally, BidaskClub cut Approach Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $2.92.
Approach Resources traded up $0.16, hitting $2.91, on Monday, according to Marketbeat. 741,918 shares of the stock traded hands, compared to its average volume of 620,405. Approach Resources has a twelve month low of $2.18 and a twelve month high of $4.21. The stock has a market capitalization of $260.23 million, a P/E ratio of -8.08 and a beta of 2.76. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.62.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, May 2nd. The energy company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). Approach Resources had a net margin of 19.45% and a negative return on equity of 5.10%. The firm had revenue of $28.77 million for the quarter, compared to analyst estimates of $29.15 million. analysts anticipate that Approach Resources will post -0.3 EPS for the current year.
Several large investors have recently bought and sold shares of AREX. Kayne Anderson Capital Advisors LP lifted its position in Approach Resources by 12.6% in the first quarter. Kayne Anderson Capital Advisors LP now owns 7,573,403 shares of the energy company’s stock worth $19,767,000 after purchasing an additional 848,180 shares during the period. BlackRock Inc. lifted its position in shares of Approach Resources by 2.0% during the 4th quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock valued at $9,975,000 after acquiring an additional 67,260 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Approach Resources by 497.7% during the 1st quarter. GSA Capital Partners LLP now owns 109,406 shares of the energy company’s stock valued at $286,000 after acquiring an additional 91,100 shares during the last quarter. KBC Group NV purchased a new stake in shares of Approach Resources in the first quarter valued at $268,000. Finally, Deutsche Bank AG lifted its holdings in shares of Approach Resources by 145.2% in the fourth quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after purchasing an additional 58,371 shares in the last quarter. 20.92% of the stock is owned by institutional investors.
About Approach Resources
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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