Approach Resources Inc. (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $3.25 price objective on the energy company’s stock. Zacks Investment Research’s price target points to a potential downside of 7.41% from the stock’s current price.

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. “

AREX has been the topic of several other research reports. Wunderlich upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and increased their price target for the stock from $4.00 to $5.50 in a report on Wednesday, October 26th. SunTrust Banks Inc. upgraded shares of Approach Resources from a “reduce” rating to a “hold” rating in a report on Wednesday, October 26th.

Approach Resources (NASDAQ:AREX) traded up 17.00% during trading on Wednesday, hitting $3.51. 3,451,511 shares of the stock traded hands. The stock’s market cap is $146.05 million. Approach Resources has a 52-week low of $0.60 and a 52-week high of $4.35. The stock has a 50 day moving average price of $3.03 and a 200-day moving average price of $2.66.

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Large investors have recently modified their holdings of the company. Emerald Acquisition Ltd. purchased a new stake in shares of Approach Resources during the second quarter worth approximately $1,775,000. Schneider Capital Management Corp boosted its stake in shares of 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 last quarter. Cove Street Capital LLC boosted its stake in shares of 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 last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Approach Resources by 22.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 918,003 shares of the energy company’s stock worth $3,103,000 after buying an additional 167,778 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Approach Resources during the second quarter worth approximately $281,000. 52.05% of the stock is currently owned by institutional investors and hedge funds.

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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