Approach Resources Inc. (AREX) Shares Up 3.7%
Approach Resources Inc. (NASDAQ:AREX)’s share price shot up 3.7% during trading on Wednesday . The company traded as high as $2.93 and last traded at $2.80, with a volume of 689,412 shares changing hands. The stock had previously closed at $2.70.
A number of brokerages recently commented on AREX. Wunderlich raised their target price on Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a report on Tuesday, May 24th. Zacks Investment Research cut Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, August 11th.
The stock’s 50-day moving average is $2.80 and its 200 day moving average is $2.24. The company’s market capitalization is $121.37 million.
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Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The firm earned $22.43 million during the quarter, compared to analyst estimates of $22.27 million. Approach Resources had a negative return on equity of 5.72% and a negative net margin of 185.20%. The business’s quarterly revenue was down 41.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.07) earnings per share. On average, equities analysts expect that Approach Resources Inc. will post ($1.02) earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Cove Street Capital LLC raised its position in Approach Resources by 13.5% in the second quarter. Cove Street Capital LLC now owns 2,013,777 shares of the energy company’s stock valued at $4,229,000 after buying an additional 238,976 shares during the last quarter. Paloma Partners Management Co acquired a new position in Approach Resources during the second quarter valued at approximately $274,000. Schneider Capital Management Corp raised its position in Approach Resources by 11.6% in the second quarter. Schneider Capital Management Corp now owns 3,708,510 shares of the energy company’s stock valued at $7,788,000 after buying an additional 384,578 shares during the last quarter. Laurion Capital Management LP acquired a new position in Approach Resources during the second quarter valued at approximately $210,000. Finally, Dimensional Fund Advisors LP acquired a new position in Approach Resources during the second quarter valued at approximately $259,000. Hedge funds and other institutional investors own 53.45% of the company’s stock.
Approach Resources Company Profile
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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