Parametric Portfolio Associates LLC boosted its position in shares of Approach Resources Inc. (NASDAQ:AREX) by 14.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,322 shares of the energy company’s stock after buying an additional 6,781 shares during the quarter. Parametric Portfolio Associates LLC owned 0.06% of Approach Resources worth $180,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AREX. Kornitzer Capital Management Inc. KS bought a new stake in shares of Approach Resources in the second quarter valued at about $124,000. New York State Common Retirement Fund bought a new stake in shares of Approach Resources in the second quarter valued at about $154,000. Rhumbline Advisers bought a new stake in shares of Approach Resources in the second quarter valued at about $157,000. Edge Wealth Management LLC raised 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 valued at $161,000 after acquiring an additional 10,000 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Approach Resources in the second quarter valued at about $185,000. 24.73% of the stock is owned by institutional investors.
AREX has been the topic of several analyst reports. Zacks Investment Research lowered Approach Resources from a “hold” rating to a “sell” rating in a research note on Monday, October 9th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Scotiabank reiterated a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research note on Wednesday, November 22nd. Finally, Imperial Capital initiated coverage on 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. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Approach Resources has an average rating of “Hold” and an average target price of $2.79.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. equities analysts anticipate that Approach Resources Inc. will post -0.37 EPS for the current year.
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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.
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