Approach Resources Inc. (NASDAQ:AREX) Receives Average Rating of “Hold” from Brokerages
Shares of Approach Resources Inc. (NASDAQ:AREX) have received an average recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $3.25.
A number of brokerages have commented on AREX. Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. KLR Group reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $4.25) on shares of Approach Resources in a research report on Tuesday, March 14th. Scotiabank set a $3.00 price objective on shares of Approach Resources and gave the company a “hold” rating in a research note on Monday, March 27th. ValuEngine upgraded shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Seaport Global Securities lowered shares of Approach Resources from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.00 to $0.50 in a research note on Wednesday, June 21st.
In related news, Director Vean J. Gregg III bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was purchased at an average price 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 $395,247. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wilks Brothers, Llc bought 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were bought at an average price of $3.03 per share, with a total value of $454,500.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 2,861,000 shares of company stock valued at $7,860,650. 7.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in AREX. Eagle Global Advisors LLC increased its position in Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock valued at $195,000 after buying an additional 12,350 shares in the last quarter. Edge Wealth Management LLC acquired a new position in Approach Resources during the first quarter worth approximately $100,000. Segantii Capital Management Ltd increased its position in Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock worth $121,000 after buying an additional 40,800 shares during the period. Airain ltd acquired a new position in Approach Resources during the first quarter worth approximately $166,000. Finally, Schroder Investment Management Group acquired a new position in Approach Resources during the first quarter worth approximately $174,000. Institutional investors and hedge funds own 25.32% of the company’s stock.
Shares of Approach Resources (AREX) traded up 4.049% during mid-day trading on Monday, reaching $2.955. The company had a trading volume of 578,153 shares. The firm’s 50-day moving average is $2.77 and its 200 day moving average is $2.83. The company’s market capitalization is $208.06 million. Approach Resources has a 12 month low of $1.35 and a 12 month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $26.40 million during the quarter, compared to analysts’ expectations of $25.96 million. Approach Resources had a negative return on equity of 6.87% and a negative net margin of 181.09%. The firm’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.32) earnings per share. On average, equities research analysts predict that Approach Resources will post ($0.33) earnings per share for the current year.
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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