Approach Resources Inc. (AREX) Downgraded by ValuEngine
Approach Resources Inc. (NASDAQ:AREX) was downgraded by investment analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.
Other equities research analysts also recently issued research reports about the company. Scotiabank reissued a “hold” rating and set a $3.25 price objective on shares of Approach Resources in a report on Tuesday, May 16th. Zacks Investment Research raised Approach Resources from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Imperial Capital initiated coverage on Approach Resources in a report on Friday, August 18th. They set an “in-line” rating and a $2.50 price objective on the stock. BidaskClub downgraded Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Seaport Global Securities lowered 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 report on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $3.08.
Shares of Approach Resources (AREX) traded up 1.08% during trading on Friday, reaching $2.81. The company’s stock had a trading volume of 490,185 shares. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.35. The firm’s 50-day moving average is $2.72 and its 200 day moving average is $2.66. The company’s market cap is $242.62 million.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The firm had revenue of $24.97 million for the quarter, compared to analyst estimates of $25.86 million. During the same period last year, the business earned ($0.25) EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Approach Resources will post ($0.29) EPS for the current fiscal year.
In related news, insider Wilks Brothers, Llc bought 100,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was acquired at an average cost of $2.42 per share, with a total value of $242,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have purchased 1,526,000 shares of company stock valued at $4,096,900. 7.80% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Virtu KCG Holdings LLC raised its position in Approach Resources by 182.8% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in shares of Approach Resources in the 2nd quarter worth about $124,000. New York State Common Retirement Fund bought a new position in shares of Approach Resources in the 2nd quarter worth about $154,000. Rhumbline Advisers bought a new position in shares of Approach Resources in the 2nd quarter worth about $157,000. Finally, Segantii Capital Management Ltd raised its position in shares of Approach Resources by 536.8% in the 1st quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock worth $121,000 after acquiring an additional 40,800 shares in the last quarter. 24.34% of the stock is owned by institutional investors and hedge funds.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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