Approach Resources Inc. (AREX) Receives Average Rating of “Hold” from Brokerages
Shares of Approach Resources Inc. (NASDAQ:AREX) have earned an average recommendation of “Hold” from the eleven research firms that are covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $3.25.
A number of equities research analysts recently weighed in on the stock. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Monday, October 9th. Robert W. Baird reaffirmed a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a research note on Tuesday, September 26th. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Finally, Imperial Capital started coverage on shares of Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price on the stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AREX. Virtu KCG Holdings LLC grew its holdings 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 worth $108,000 after purchasing an additional 20,705 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in shares of Approach Resources in the second quarter worth approximately $124,000. New York State Common Retirement Fund bought a new position in shares of Approach Resources in the second quarter worth approximately $154,000. Rhumbline Advisers bought a new position in shares of Approach Resources in the second quarter worth approximately $157,000. Finally, Edge Wealth Management LLC grew its holdings 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 worth $161,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 24.34% of the company’s stock.
Shares of Approach Resources (AREX) traded up 3.42% during midday trading on Wednesday, hitting $2.42. 299,356 shares of the company traded hands. The stock’s market capitalization is $208.94 million. The stock has a 50 day moving average of $2.60 and a 200-day moving average of $2.66. Approach Resources has a 52 week low of $1.93 and a 52 week high of $4.33.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.25) earnings per share. Equities analysts forecast that Approach Resources will post ($0.40) earnings per share for the current fiscal year.
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Approach Resources Company Profile
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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