Approach Resources Inc. (AREX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a research note released on Monday.

According to Zacks, “Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada. “

Several other research analysts also recently commented on AREX. Scotiabank set a $3.00 price target on Approach Resources and gave the stock a hold rating in a research report on Saturday, July 1st. ValuEngine downgraded Approach Resources from a hold rating to a sell rating in a research report on Monday, August 14th. Robert W. Baird reaffirmed a hold rating and issued a $4.00 price target on shares of Approach Resources in a research report on Tuesday, September 26th. Imperial Capital began coverage on Approach Resources in a research report on Friday, August 18th. They issued an in-line rating and a $2.50 price target on the stock. Finally, BidaskClub downgraded Approach Resources from a hold rating to a sell rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Approach Resources presently has a consensus rating of Hold and a consensus price target of $3.25.

Approach Resources (NASDAQ:AREX) opened at 2.44 on Monday. The stock’s 50 day moving average price is $2.61 and its 200 day moving average price is $2.66. The stock’s market capitalization is $210.67 million. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.02). The business had revenue of $24.97 million during the quarter, compared to the consensus estimate of $25.86 million. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.25) earnings per share. Equities research analysts forecast that Approach Resources will post ($0.41) earnings per share for the current year.

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A number of hedge funds have recently made changes to their positions in AREX. Goldman Sachs Group Inc. boosted its stake in Approach Resources by 447.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock valued at $1,773,000 after buying an additional 577,368 shares in the last quarter. State Street Corp boosted its stake in Approach Resources by 2,151.6% in the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after buying an additional 469,552 shares in the last quarter. United Services Automobile Association acquired a new stake in Approach Resources in the 1st quarter valued at $1,039,000. Northern Trust Corp boosted its stake in Approach Resources by 264.2% in the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock valued at $1,879,000 after buying an additional 404,580 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Approach Resources by 21.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock valued at $6,603,000 after buying an additional 347,986 shares in the last quarter. 24.34% of the stock is currently owned by institutional investors and hedge funds.

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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