Approach Resources Inc. (AREX) Upgraded 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 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 raised their price objective on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Monday, July 11th.
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Approach Resources (NASDAQ:AREX) traded down 2.78% during midday trading on Monday, reaching $3.15. The company’s stock had a trading volume of 770,215 shares. Approach Resources has a 52 week low of $0.60 and a 52 week high of $4.35. The firm’s market capitalization is $130.93 million. The company’s 50-day moving average is $3.27 and its 200 day moving average is $2.44.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $22.43 million for 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 quarter last year, the company posted ($0.07) earnings per share. Analysts expect that Approach Resources will post ($1.02) earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in the company. Spark Investment Management LLC increased its stake in shares of 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 period. Lone Star Value Management LLC increased its stake in shares of Approach Resources by 150.0% in the first quarter. Lone Star Value Management LLC now owns 125,000 shares of the energy company’s stock valued at $145,000 after buying an additional 75,000 shares during the period. LMR Partners LLP acquired a new stake in shares of Approach Resources during the second quarter valued at $113,000. Emerald Acquisition Ltd. acquired a new stake in shares of Approach Resources during the second quarter valued at $1,775,000. Finally, California Public Employees Retirement System increased its stake in shares of 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 period. Institutional investors and hedge funds own 53.36% 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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