Approach Resources (AREX) Downgraded by Zacks Investment Research

Approach Resources (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. “

Several other research analysts also recently commented on the stock. BidaskClub raised shares of Approach Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 11th. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Scotiabank reaffirmed a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research note on Wednesday, November 22nd. KeyCorp reissued a “hold” rating on shares of Approach Resources in a research report on Monday, November 13th. Finally, Robert W. Baird reissued a “hold” rating and set a $4.00 price objective on shares of Approach Resources in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $3.08.

Shares of Approach Resources (AREX) traded up $0.09 during midday trading on Friday, hitting $3.60. 1,008,515 shares of the company traded hands, compared to its average volume of 1,020,378. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a 12 month low of $1.93 and a 12 month high of $4.21. The stock has a market capitalization of $311.45, a P/E ratio of -1.43 and a beta of 2.67.

Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The company had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million. equities analysts predict that Approach Resources will post -0.35 EPS for the current year.

In related news, insider Wilks Brothers, Llc acquired 660,113 shares of Approach Resources stock in a transaction on Wednesday, December 13th. The shares were acquired at an average cost of $2.47 per share, with a total value of $1,630,479.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have acquired 4,089,398 shares of company stock worth $11,804,970. Insiders own 5.10% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Approach Resources by 21.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock valued at $6,603,000 after purchasing an additional 347,986 shares during the period. California Public Employees Retirement System grew its position in shares of Approach Resources by 2.2% in the 2nd quarter. California Public Employees Retirement System now owns 1,274,300 shares of the energy company’s stock worth $4,294,000 after buying an additional 27,600 shares during the period. Northern Trust Corp grew its position in shares of Approach Resources by 264.2% in the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after buying an additional 404,580 shares during the period. State Street Corp grew its position in shares of Approach Resources by 2,151.6% in the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after buying an additional 469,552 shares during the period. Finally, Balyasny Asset Management LLC purchased a new stake in shares of Approach Resources in the 2nd quarter worth about $910,000. 24.63% of the stock is currently owned by institutional investors and hedge funds.

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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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