Approach Resources’ (AREX) Hold Rating Reiterated at KeyCorp
Approach Resources Inc. (NASDAQ:AREX)‘s stock had its “hold” rating restated by equities researchers at KeyCorp in a research report issued on Thursday.
Several other analysts also recently weighed in on AREX. Scotiabank set a $3.00 price target on shares of Approach Resources and gave the stock a “hold” rating in a research note on Saturday, July 1st. ValuEngine downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Robert W. Baird reissued a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a research note on Tuesday, September 26th. Imperial Capital began coverage on shares of Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 price target for the company. Finally, Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, September 19th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Approach Resources has an average rating of “Hold” and a consensus price target of $3.25.
Approach Resources (AREX) traded down 5.33% during mid-day trading on Thursday, reaching $2.31. The company had a trading volume of 817,150 shares. The firm’s market capitalization is $199.45 million. The firm has a 50-day moving average price of $2.61 and a 200 day moving average price of $2.66. Approach Resources has a 12-month low of $1.93 and a 12-month high of $4.33.
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Several large investors have recently modified their holdings of AREX. Virtu KCG Holdings LLC raised its stake in shares of Approach Resources by 182.8% during the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after acquiring an additional 20,705 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in shares of Approach Resources during the second quarter valued at about $124,000. New York State Common Retirement Fund bought a new position in shares of Approach Resources during the second quarter valued at about $154,000. Rhumbline Advisers bought a new position in shares of Approach Resources during the second quarter valued at about $157,000. Finally, Edge Wealth Management LLC raised its stake in shares of Approach Resources by 25.0% during the second quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after acquiring an additional 10,000 shares during the last quarter. 24.34% of the stock is 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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