Approach Resources Inc. (NASDAQ:AREX) has earned a consensus rating of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $3.00.
A number of research analysts have recently commented on AREX shares. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a report on Friday, October 5th. KLR Group restated a “hold” rating and set a $3.00 target price on shares of Approach Resources in a research note on Monday, August 20th.
A number of large investors have recently made changes to their positions in AREX. GSA Capital Partners LLP boosted its stake in Approach Resources by 83.1% during the 2nd quarter. GSA Capital Partners LLP now owns 200,306 shares of the energy company’s stock valued at $489,000 after purchasing an additional 90,900 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Approach Resources by 49.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock worth $649,000 after acquiring an additional 88,295 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Approach Resources by 11.5% in the 2nd quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock worth $8,551,000 after acquiring an additional 361,169 shares during the period. Hedge funds and other institutional investors own 75.40% of the company’s stock.
Shares of NASDAQ AREX traded down $0.02 during mid-day trading on Friday, reaching $1.66. 31,916 shares of the company traded hands, compared to its average volume of 173,179. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.46 and a current ratio of 0.46. The firm has a market cap of $157.79 million, a price-to-earnings ratio of -4.61 and a beta of 2.65. Approach Resources has a fifty-two week low of $1.61 and a fifty-two week high of $4.21.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Wednesday, August 1st. The energy company reported ($0.07) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.07). The business had revenue of $30.33 million for the quarter, compared to analyst estimates of $28.16 million. Approach Resources had a negative return on equity of 4.52% and a net margin of 18.38%. As a group, equities research analysts forecast that Approach Resources will post -0.32 earnings per share for the current year.
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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