Approach Resources Inc. (NASDAQ:AREX)’s share price traded down 6.9% during trading on Friday . The stock traded as low as $2.53 and last traded at $2.57. 927,015 shares were traded during mid-day trading, an increase of 25% from the average session volume of 743,389 shares. The stock had previously closed at $2.76.

Several equities analysts have commented on the company. ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Imperial Capital assumed coverage on Approach Resources in a research report on Friday, August 18th. They issued an “in-line” rating and a $2.50 price objective on the stock. BidaskClub downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Finally, Scotiabank set a $3.00 price objective on Approach Resources and gave the company a “hold” rating in a research report on Saturday, July 1st. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Approach Resources currently has a consensus rating of “Hold” and a consensus price target of $3.08.

The stock has a 50-day moving average price of $2.67 and a 200-day moving average price of $2.64. The stock’s market cap is $221.89 million.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.02. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The firm had revenue of $24.97 million during the quarter, compared to analyst estimates of $25.86 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts forecast that Approach Resources Inc. will post ($0.29) earnings per share for the current fiscal year.

In other news, major shareholder Wilks Brothers, Llc acquired 88,000 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was acquired at an average cost of $2.72 per share, with a total value of $239,360.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders bought 1,226,000 shares of company stock valued at $3,286,900 over the last ninety days. Insiders own 7.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC grew its stake in shares of Approach Resources by 2.6% in the second quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock valued at $355,000 after buying an additional 2,703 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Approach Resources by 14.6% in the second quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock valued at $180,000 after buying an additional 6,781 shares in the last quarter. Edge Wealth Management LLC grew its stake in shares of Approach Resources by 25.0% in the second quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after buying an additional 10,000 shares in the last quarter. Eagle Global Advisors LLC grew its stake in shares of 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. Finally, Virtu KCG Holdings LLC grew its stake in shares of Approach Resources by 182.8% in the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after buying an additional 20,705 shares in the last quarter. 24.34% of the stock is owned by institutional investors and hedge funds.

WARNING: This piece was originally posted by Daily Political and is owned by of Daily Political. If you are accessing this piece on another site, it was stolen and republished in violation of international copyright & trademark laws. The legal version of this piece can be viewed at https://www.dailypolitical.com/2017/09/08/approach-resources-inc-arex-trading-down-6-9.html.

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.