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

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. “

A number of other research firms have also issued reports on AREX. BidaskClub lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Robert W. Baird reiterated a “hold” rating and set a $4.00 price target on shares of Approach Resources in a research report on Tuesday, September 26th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research report on Thursday, October 12th. Finally, Imperial Capital assumed coverage on Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 price target for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Approach Resources currently has an average rating of “Hold” and an average target price of $2.75.

Shares of Approach Resources (NASDAQ AREX) traded up $0.03 on Friday, hitting $2.43. The stock had a trading volume of 292,938 shares, compared to its average volume of 424,975.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The business had revenue of $25.61 million during the quarter, compared to analyst estimates of $25.74 million. research analysts expect that Approach Resources will post -0.39 earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in AREX. Edge Wealth Management LLC acquired a new stake in shares of Approach Resources during the first quarter worth $100,000. Virtu KCG Holdings LLC grew its holdings 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 buying an additional 20,705 shares in the last quarter. LMR Partners LLP purchased a new position in shares of Approach Resources during the second quarter valued at $113,000. Hancock Holding Co. purchased a new position in shares of Approach Resources during the third quarter valued at $121,000. Finally, Segantii Capital Management Ltd grew its holdings in shares of Approach Resources by 536.8% during the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock valued at $121,000 after buying an additional 40,800 shares in the last quarter. 24.33% of the stock is currently owned by 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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Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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