Insider Buying: Approach Resources Inc. (AREX) Major Shareholder Purchases 150,000 Shares of Stock

Approach Resources Inc. (NASDAQ:AREX) major shareholder Wilks Brothers, Llc acquired 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was purchased at an average cost of $3.20 per share, with a total value of $480,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Wilks Brothers, Llc also recently made the following trade(s):

  • On Friday, January 5th, Wilks Brothers, Llc bought 350,000 shares of Approach Resources stock. The shares were bought at an average price of $3.18 per share, for a total transaction of $1,113,000.00.
  • On Friday, December 28th, Wilks Brothers, Llc bought 150,000 shares of Approach Resources stock. The shares were bought at an average price of $3.09 per share, for a total transaction of $463,500.00.
  • On Wednesday, December 26th, Wilks Brothers, Llc bought 150,000 shares of Approach Resources stock. The shares were bought at an average price of $3.05 per share, for a total transaction of $457,500.00.
  • On Wednesday, December 27th, Wilks Brothers, Llc bought 350,000 shares of Approach Resources stock. The shares were bought at an average price of $2.86 per share, for a total transaction of $1,001,000.00.
  • On Wednesday, December 20th, Wilks Brothers, Llc bought 600,000 shares of Approach Resources stock. The shares were bought at an average price of $2.81 per share, for a total transaction of $1,686,000.00.
  • On Friday, December 15th, Wilks Brothers, Llc bought 200,000 shares of Approach Resources stock. The shares were bought at an average price of $2.57 per share, for a total transaction of $514,000.00.
  • On Monday, December 18th, Wilks Brothers, Llc bought 550,000 shares of Approach Resources stock. The shares were bought at an average price of $2.59 per share, for a total transaction of $1,424,500.00.
  • On Monday, December 11th, Wilks Brothers, Llc bought 50,000 shares of Approach Resources stock. The shares were bought at an average price of $2.53 per share, for a total transaction of $126,500.00.
  • On Wednesday, December 6th, Wilks Brothers, Llc bought 29,285 shares of Approach Resources stock. The shares were bought at an average price of $2.39 per share, for a total transaction of $69,991.15.
  • On Monday, December 4th, Wilks Brothers, Llc bought 200,000 shares of Approach Resources stock. The shares were bought at an average price of $2.39 per share, for a total transaction of $478,000.00.

Shares of Approach Resources Inc. (NASDAQ AREX) traded down $0.02 during trading on Friday, hitting $3.16. The stock had a trading volume of 375,007 shares, compared to its average volume of 613,975. Approach Resources Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $3.56. The stock has a market capitalization of $275.12, a P/E ratio of -1.25 and a beta of 2.67. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $25.74 million. analysts forecast that Approach Resources Inc. will post -0.36 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS lifted its position in shares of Approach Resources by 68.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock valued at $155,000 after acquiring an additional 25,000 shares in the last quarter. California State Teachers Retirement System purchased a new position in shares of Approach Resources in the second quarter valued at about $257,000. State Street Corp lifted its position in shares of Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after acquiring an additional 469,552 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in shares of Approach Resources in the second quarter valued at about $910,000. Finally, Virtu KCG Holdings LLC lifted its position in shares of Approach Resources by 182.8% in 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 in the last quarter. Institutional investors and hedge funds own 24.63% of the company’s stock.

Several research firms recently weighed in on AREX. Zacks Investment Research downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, October 9th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research report on Thursday, October 12th. Scotiabank reiterated a “hold” rating and set a $3.00 target price on shares of Approach Resources in a research report on Wednesday, November 22nd. ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Finally, Robert W. Baird reiterated a “hold” rating and set a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $2.88.

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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.

Insider Buying and Selling by Quarter for Approach Resources (NASDAQ:AREX)

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