Shares of Approach Resources Inc. (NASDAQ:AREX) have been assigned a consensus recommendation of “Hold” from the nine analysts that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $2.79.
Several analysts recently issued reports on the company. Scotiabank reissued a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a report on Wednesday, November 22nd. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research note on Monday, November 13th. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a research note on Tuesday, November 7th. Robert W. Baird reaffirmed a “hold” rating and set a $4.00 target price on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st.
Shares of Approach Resources (NASDAQ:AREX) traded down $0.03 during midday trading on Thursday, hitting $2.39. The company had a trading volume of 210,800 shares, compared to its average volume of 757,112. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41.
Institutional investors and hedge funds have recently bought and sold shares of the company. Virtu KCG Holdings LLC raised its stake in shares of Approach Resources by 182.8% in the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after buying an additional 20,705 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in shares of Approach Resources in the 2nd quarter worth $124,000. New York State Common Retirement Fund acquired a new position in shares of Approach Resources in the 2nd quarter worth $154,000. Rhumbline Advisers acquired a new position in shares of Approach Resources in the 2nd quarter worth $157,000. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of Approach Resources by 14.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after acquiring an additional 6,781 shares during the last quarter. 24.67% of the stock is currently owned by institutional investors.
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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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