Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a hold rating to a buy rating in a research report released on Friday. Zacks Investment Research currently has $4.50 price target on the energy company’s stock.
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. “
Several other research firms have also recently commented on AREX. BidaskClub raised Approach Resources from a hold rating to a buy rating in a report on Thursday. ValuEngine cut Approach Resources from a sell rating to a strong sell rating in a report on Sunday, December 31st. Robert W. Baird reissued a hold rating and issued a $4.00 price target on shares of Approach Resources in a report on Tuesday, September 26th. KeyCorp reissued a hold rating on shares of Approach Resources in a report on Thursday, October 12th. Finally, Scotiabank reissued a hold rating and issued a $3.00 price target on shares of Approach Resources in a report on Wednesday, November 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $3.08.
Approach Resources (NASDAQ:AREX) traded down $0.02 during trading on Friday, reaching $3.91. The company’s stock had a trading volume of 1,850,000 shares, compared to its average volume of 727,794. 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 firm has a market cap of $338.27, a PE ratio of -1.55 and a beta of 2.67.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The company had revenue of $25.61 million during the quarter, compared to analysts’ expectations of $25.74 million. equities analysts predict that Approach Resources will post -0.36 EPS for the current year.
In other Approach Resources news, major shareholder Wilks Brothers, Llc purchased 200,000 shares of Approach Resources stock in a transaction dated Monday, December 4th. The stock was acquired at an average cost of $2.39 per share, with a total value of $478,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders bought a total of 4,089,398 shares of company stock valued at $11,804,970 over the last three months. Insiders own 5.10% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Balyasny Asset Management LLC purchased a new position in Approach Resources in the 2nd quarter valued at approximately $910,000. Schwab Charles Investment Management Inc. purchased a new position in Approach Resources in the 2nd quarter valued at approximately $252,000. Teachers Advisors LLC purchased a new position in Approach Resources in the 2nd quarter valued at approximately $562,000. Bank of New York Mellon Corp increased its stake in Approach Resources by 412.6% in the 2nd 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. Finally, TIAA CREF Investment Management LLC purchased a new position in Approach Resources in the 2nd quarter valued at approximately $699,000. 24.63% of the stock is owned by institutional investors and hedge funds.
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About Approach Resources
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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