Schroder Investment Management Group Takes Position in Approach Resources Inc. (AREX)
Schroder Investment Management Group purchased a new position in Approach Resources Inc. (NASDAQ:AREX) during the first quarter, Holdings Channel reports. The firm purchased 69,000 shares of the energy company’s stock, valued at approximately $174,000.
Several other institutional investors also recently bought and sold shares of AREX. KBC Group NV raised its stake in Approach Resources by 78.8% in the first quarter. KBC Group NV now owns 250,048 shares of the energy company’s stock valued at $628,000 after buying an additional 110,170 shares in the last quarter. Airain ltd acquired a new stake in Approach Resources during the first quarter valued at about $166,000. Eagle Global Advisors LLC raised its stake in Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock valued at $195,000 after buying an additional 12,350 shares in the last quarter. Boston Partners raised its stake in Approach Resources by 41.2% in the first quarter. Boston Partners now owns 1,150,617 shares of the energy company’s stock valued at $2,888,000 after buying an additional 335,810 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in Approach Resources during the first quarter valued at about $258,000. 25.32% of the stock is owned by hedge funds and other institutional investors.
Shares of Approach Resources Inc. (NASDAQ:AREX) opened at 2.61 on Tuesday. Approach Resources Inc. has a 1-year low of $1.35 and a 1-year high of $4.35. The company’s market cap is $183.77 million. The company’s 50-day moving average price is $2.68 and its 200 day moving average price is $2.87.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Approach Resources had a negative net margin of 181.09% and a negative return on equity of 6.87%. The company had revenue of $26.40 million during the quarter, compared to the consensus estimate of $25.96 million. During the same quarter in the prior year, the firm posted ($0.32) EPS. Approach Resources’s quarterly revenue was up 50.0% compared to the same quarter last year. On average, analysts predict that Approach Resources Inc. will post ($0.32) earnings per share for the current fiscal year.
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Several equities research analysts recently issued reports on the company. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Thursday, March 2nd. ValuEngine lowered Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, June 1st. Scotiabank reissued a “hold” rating and set a $3.25 price objective on shares of Approach Resources in a research note on Tuesday, May 16th. Finally, KLR Group reissued a “buy” rating and set a $4.00 price objective (down previously from $4.25) on shares of Approach Resources in a research note on Tuesday, March 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $3.85.
In related news, insider Wilks Brothers, Llc acquired 200,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The stock was acquired at an average price of $2.81 per share, with a total value of $562,000.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vean J. Gregg III acquired 10,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were bought at an average cost of $3.00 per share, with a total value of $30,000.00. Following the acquisition, the director now directly owns 131,749 shares in the company, valued at $395,247. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,285,000 shares of company stock valued at $6,380,250 in the last three months. Insiders own 7.80% 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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