Approach Resources Inc. (AREX) Upgraded to Hold at Zacks Investment Research
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 stock a hold rating in a research report on Monday, July 11th.
Shares of Approach Resources (NASDAQ:AREX) opened at 3.15 on Monday. The firm’s market capitalization is $130.93 million. The company’s 50 day moving average is $3.28 and its 200-day moving average is $2.47. Approach Resources has a one year low of $0.60 and a one year high of $4.35.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.04. The business earned $22.43 million during the quarter, compared to analysts’ expectations of $22.27 million. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. The firm’s quarterly revenue was down 41.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.07) EPS. Equities analysts expect that Approach Resources will post ($1.02) EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. 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 in the last quarter. Paloma Partners Management Co purchased a new stake in Approach Resources during the second quarter worth approximately $274,000. 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 in the last quarter. Laurion Capital Management LP purchased a new stake in Approach Resources during the second quarter worth approximately $210,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Approach Resources during the second quarter worth approximately $259,000. Hedge funds and other institutional investors own 53.36% of the company’s stock.
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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