Approach Resources Inc. (AREX) Coverage Initiated by Analysts at Imperial Capital
Imperial Capital started coverage on shares of Approach Resources Inc. (NASDAQ:AREX) in a note issued to investors on Friday. The firm set an “in-line” rating and a $2.50 price target on the energy company’s stock. Imperial Capital’s price target would suggest a potential upside of 3.73% 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 “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, June 1st. Scotiabank set a $3.00 target price on Approach Resources and gave the stock a “hold” rating in a research note on Saturday, July 1st. Seaport Global Securities downgraded Approach Resources from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $3.00 to $0.50 in a research note on Wednesday, June 21st. Finally, BidaskClub downgraded Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $3.08.
Approach Resources (NASDAQ:AREX) traded up 1.69% on Friday, hitting $2.41. The stock had a trading volume of 618,456 shares. The company’s 50 day moving average is $2.87 and its 200-day moving average is $2.71. The stock’s market cap is $208.08 million. Approach Resources has a 12 month low of $1.93 and a 12 month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.02. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. During the same quarter in the previous year, the company earned ($0.25) EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Approach Resources will post ($0.29) EPS for the current year.
In other Approach Resources news, insider Wilks Brothers, Llc purchased 375,000 shares of the stock in a transaction on Thursday, May 25th. The shares were bought at an average price of $2.79 per share, for a total transaction of $1,046,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired 2,201,000 shares of company stock worth $5,935,150 in the last quarter. 7.80% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. First Manhattan Co. increased its position in shares of Approach Resources by 136.1% in the first quarter. First Manhattan Co. now owns 3,664,779 shares of the energy company’s stock worth $12,386,000 after buying an additional 2,112,371 shares in the last quarter. Goldman Sachs Group Inc. increased its position 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. State Street Corp increased its position in shares of Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after buying an additional 469,552 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Approach Resources during the first quarter worth about $1,039,000. Finally, Northern Trust Corp increased its position in shares of Approach Resources by 264.2% in the second quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after buying an additional 404,580 shares in the last quarter. Institutional investors own 24.35% 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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