Approach Resources Inc. (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada. “

Several other research analysts also recently commented on the stock. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a report on Thursday, October 12th. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Imperial Capital initiated coverage on shares of Approach Resources in a report on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price on the stock. Finally, Robert W. Baird reiterated a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a report on Tuesday, September 26th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $3.25.

Approach Resources (NASDAQ:AREX) traded up 0.43% during trading on Monday, reaching $2.31. 214,751 shares of the company’s stock were exchanged. The company’s market capitalization is $199.45 million. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33. The company’s 50-day moving average is $2.57 and its 200-day moving average is $2.65.

Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $24.97 million during the quarter, compared to the consensus estimate of $25.86 million. Approach Resources had a negative return on equity of 6.44% and a negative net margin of 35.63%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.25) EPS. Equities research analysts expect that Approach Resources will post ($0.40) earnings per share for the current fiscal year.

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Several large investors have recently bought and sold shares of AREX. Virtu KCG Holdings LLC increased its holdings in shares of 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 period. Kornitzer Capital Management Inc. KS bought a new position in shares of Approach Resources during the 2nd quarter worth about $124,000. New York State Common Retirement Fund bought a new position in shares of Approach Resources during the 2nd quarter worth about $154,000. Rhumbline Advisers bought a new position in shares of Approach Resources during the 2nd quarter worth about $157,000. Finally, Edge Wealth Management LLC increased its holdings in shares of Approach Resources by 25.0% during the 2nd quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock worth $161,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 24.34% of the company’s stock.

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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Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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