Approach Resources Inc. (AREX) Lowered to Sell at Seaport Global Securities
Approach Resources Inc. (NASDAQ:AREX) was downgraded by Seaport Global Securities from a “neutral” rating to a “sell” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $0.50 price objective on the energy company’s stock, down from their previous price objective of $3.00. Seaport Global Securities’ target price would suggest a potential downside of 82.39% from the stock’s current price.
AREX has been the topic of a number of other research reports. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a report on Thursday, March 2nd. KLR Group restated a “buy” rating and set a $4.00 price target (down previously from $4.25) on shares of Approach Resources in a report on Tuesday, March 14th. Scotiabank set a $3.00 price target on Approach Resources and gave the company a “hold” rating in a report on Monday, March 27th. Finally, ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $3.25.
Approach Resources (AREX) traded up 19.83% during midday trading on Wednesday, hitting $2.84. The company’s stock had a trading volume of 5,087,783 shares. The stock has a 50 day moving average of $2.69 and a 200 day moving average of $2.86. Approach Resources has a 52-week low of $1.35 and a 52-week high of $4.35. The company’s market cap is $199.96 million.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). Approach Resources had a negative return on equity of 6.87% and a negative net margin of 181.09%. The company had revenue of $26.40 million for the quarter, compared to the consensus estimate of $25.96 million. During the same quarter in the previous year, the business earned ($0.32) EPS. Approach Resources’s revenue was up 50.0% compared to the same quarter last year. On average, equities analysts expect that Approach Resources will post ($0.33) EPS for the current year.
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In other news, insider Wilks Brothers, Llc acquired 375,000 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were acquired at an average cost of $2.79 per share, with a total value of $1,046,250.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vean J. Gregg III acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were purchased at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the transaction, the director now owns 131,749 shares in the company, valued at approximately $395,247. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 2,761,000 shares of company stock worth $7,618,650. Insiders own 7.80% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Cpcm LLC bought a new stake in shares of Approach Resources during the first quarter worth approximately $246,000. Goldman Sachs Group Inc. boosted its stake in shares of Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock worth $1,773,000 after buying an additional 577,368 shares in the last quarter. Marathon Asset Management LP boosted its stake in shares of Approach Resources by 9.3% in the first quarter. Marathon Asset Management LP now owns 1,170,382 shares of the energy company’s stock worth $2,937,000 after buying an additional 100,000 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Approach Resources during the first quarter worth approximately $198,000. Finally, Columbia Pacific Advisors LLC bought a new stake in shares of Approach Resources during the first quarter worth approximately $321,000. 25.32% of the stock is currently owned by hedge funds and other institutional investors.
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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