Approach Resources Inc. (NASDAQ:AREX) has received an average recommendation of “Hold” from the eight analysts that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $2.50.
A number of equities research analysts have commented on AREX shares. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. BidaskClub downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Finally, Scotiabank reaffirmed a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research report on Wednesday, November 22nd.
In related news, major shareholder Wilks Brothers, Llc bought 200,000 shares of the business’s stock in a transaction on Friday, January 12th. The stock was acquired at an average price of $4.04 per share, with a total value of $808,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders acquired 2,400,000 shares of company stock valued at $7,561,500. 5.10% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Kayne Anderson Capital Advisors LP bought a new stake in shares of Approach Resources during the 4th quarter valued at $19,907,000. BlackRock Inc. grew 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 period. Vanguard Group Inc. grew its position in shares of Approach Resources by 21.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock valued at $6,603,000 after acquiring an additional 347,986 shares during the period. Northern Trust Corp grew its position in shares of Approach Resources by 264.2% during the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock valued at $1,879,000 after acquiring an additional 404,580 shares during the period. Finally, State Street Corp grew its position in shares of Approach Resources by 2,151.6% during the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after acquiring an additional 469,552 shares during the period. 28.69% of the stock is owned by hedge funds and other institutional investors.
Shares of Approach Resources (NASDAQ AREX) traded up $0.03 on Friday, hitting $2.58. 68,282 shares of the company traded hands, compared to its average volume of 605,976. The company has a market capitalization of $247.15, a P/E ratio of -1.51 and a beta of 2.72. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. Approach Resources has a 12 month low of $1.95 and a 12 month high of $4.21.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Thursday, March 8th. The energy company reported ($0.07) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate 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 during the quarter, compared to the consensus estimate of $28.08 million. During the same quarter last year, the firm earned ($0.27) earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. equities analysts predict that Approach Resources will post -0.24 earnings per share for the current fiscal year.
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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