Approach Resources Inc. (AREX) Rating Increased to Hold at Zacks Investment Research
Approach Resources Inc. (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
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, Wunderlich boosted their price target on shares of Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a research report on Monday, July 11th.
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Shares of Approach Resources (NASDAQ:AREX) traded down 2.78% during trading on Monday, reaching $3.15. 770,215 shares of the company traded hands. The firm’s 50 day moving average price is $3.27 and its 200-day moving average price is $2.44. The company’s market capitalization is $130.93 million. Approach Resources has a 52 week low of $0.60 and a 52 week high of $4.35.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $22.43 million for the quarter, compared to analyst estimates of $22.27 million. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. Approach Resources’s quarterly revenue was down 41.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) earnings per share. Equities analysts anticipate that Approach Resources will post ($1.02) EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. 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. 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. California Public Employees Retirement System raised its position in Approach Resources by 1.1% in the second quarter. California Public Employees Retirement System now owns 1,661,500 shares of the energy company’s stock valued at $3,489,000 after buying an additional 17,500 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Approach Resources during the second quarter valued at $1,775,000. Finally, Spark Investment Management LLC raised its position in Approach Resources by 202.7% in the first quarter. Spark Investment Management LLC now owns 423,400 shares of the energy company’s stock valued at $491,000 after buying an additional 283,530 shares during the last quarter. Institutional investors own 53.36% of the company’s stock.
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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