Approach Resources Inc. (NASDAQ:AREX) hit a new 52-week low on Friday . The company traded as low as $1.66 and last traded at $1.74, with a volume of 116524 shares trading hands. The stock had previously closed at $1.76.

A number of brokerages have weighed in on AREX. Zacks Investment Research cut Approach Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. KLR Group reiterated a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a research note on Monday, August 20th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $2.75.

The company has a debt-to-equity ratio of 0.64, a current ratio of 0.46 and a quick ratio of 0.46. The company has a market capitalization of $162.99 million, a P/E ratio of -4.79 and a beta of 2.65.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, August 1st. The energy company reported ($0.07) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.07). Approach Resources had a negative return on equity of 4.52% and a net margin of 18.38%. The business had revenue of $30.33 million during the quarter, compared to analysts’ expectations of $28.16 million. Analysts forecast that Approach Resources Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP raised its stake in shares of Approach Resources by 83.1% during the second quarter. GSA Capital Partners LLP now owns 200,306 shares of the energy company’s stock worth $489,000 after purchasing an additional 90,900 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Approach Resources by 49.7% during the second quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock worth $649,000 after purchasing an additional 88,295 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Approach Resources by 11.5% during the second quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock worth $8,551,000 after purchasing an additional 361,169 shares during the last quarter. Institutional investors and hedge funds own 75.39% of the company’s stock.

About Approach Resources (NASDAQ:AREX)

Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.

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