Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a sell rating to a hold rating in a research report sent to investors on Monday morning.
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. “
Separately, KLR Group reiterated a hold rating and issued a $3.00 target price on shares of Approach Resources in a research report on Monday, August 20th. Six research analysts have rated the stock with a hold rating, The company has an average rating of Hold and a consensus target price of $2.75.
Shares of NASDAQ AREX traded down $0.08 during trading on Monday, hitting $1.51. The company had a trading volume of 2,970 shares, compared to its average volume of 180,564. Approach Resources has a fifty-two week low of $1.49 and a fifty-two week high of $4.21. The firm has a market cap of $148.34 million, a price-to-earnings ratio of -4.25 and a beta of 2.72. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.64.
Several hedge funds and other institutional investors have recently made changes to their positions in AREX. BlackRock Inc. grew its position in shares of Approach Resources by 11.5% in the second quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock valued at $8,551,000 after purchasing an additional 361,169 shares during the period. GSA Capital Partners LLP grew its position in shares of Approach Resources by 83.1% in the second 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. Finally, Bank of New York Mellon Corp grew its position in shares of Approach Resources by 49.7% in the second quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock valued at $649,000 after purchasing an additional 88,295 shares during the period. Institutional investors and hedge funds own 75.39% of the company’s stock.
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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