Approach Resources Inc. (AREX) Stock Rating Lowered by Zacks Investment Research
Approach Resources Inc. (NASDAQ:AREX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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. “
Separately, Wunderlich upped their price objective on shares of Approach Resources from $3.50 to $4.00 and gave the company a “hold” rating in a research note on Monday, July 11th.
Shares of Approach Resources (NASDAQ:AREX) opened at 3.40 on Tuesday. Approach Resources has a 12-month low of $0.60 and a 12-month high of $4.35. The company has a 50-day moving average of $3.25 and a 200-day moving average of $2.42. The stock’s market capitalization is $141.32 million.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. The company earned $22.43 million during the quarter, compared to analyst estimates of $22.27 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was down 41.9% on a year-over-year basis. Equities analysts expect that Approach Resources will post ($1.02) earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of AREX. Emerald Acquisition Ltd. bought a new stake in Approach Resources during the second quarter worth about $1,775,000. Schneider Capital Management Corp raised its stake in Approach Resources by 11.6% in the second quarter. Schneider Capital Management Corp now owns 3,708,510 shares of the energy company’s stock worth $7,788,000 after buying an additional 384,578 shares during the period. Spark Investment Management LLC raised its stake in Approach Resources by 202.7% in the first quarter. Spark Investment Management LLC now owns 423,400 shares of the energy company’s stock worth $491,000 after buying an additional 283,530 shares during the period. Cove Street Capital LLC raised its stake in Approach Resources by 13.5% in the second quarter. Cove Street Capital LLC now owns 2,013,777 shares of the energy company’s stock worth $4,229,000 after buying an additional 238,976 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Approach Resources during the second quarter worth about $281,000. 53.45% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Approach Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Approach Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.