Approach Resources Inc. (NASDAQ:AREX)‘s stock had its “hold” rating restated by stock analysts at KeyCorp in a research note issued on Thursday.
A number of other research firms also recently issued reports on AREX. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Robert W. Baird restated a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a report on Tuesday, September 26th. Imperial Capital initiated coverage on shares of Approach Resources in a report on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price for the company. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $3.25.
Shares of Approach Resources (NASDAQ AREX) traded down 5.33% during trading on Thursday, hitting $2.31. 816,462 shares of the stock traded hands. The company’s 50 day moving average is $2.61 and its 200 day moving average is $2.66. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33. The firm’s market cap is $199.45 million.
Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. During the same quarter in the previous year, the firm posted ($0.25) earnings per share. Approach Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Approach Resources will post ($0.41) EPS for the current year.
A number of hedge funds have recently made changes to their positions in AREX. KBC Group NV lifted its position in Approach Resources by 78.8% during 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. Schroder Investment Management Group acquired a new position in Approach Resources during the first quarter valued at approximately $174,000. United Services Automobile Association acquired a new position in Approach Resources during the first quarter valued at approximately $1,039,000. Columbia Pacific Advisors LLC acquired a new position in Approach Resources during the first quarter valued at approximately $321,000. Finally, Jane Street Group LLC acquired a new position in Approach Resources during the first quarter valued at approximately $198,000. 24.34% of the stock is currently owned by hedge funds and other institutional investors.
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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