Approach Resources Inc. (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “
Separately, Wunderlich upped their price target on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Monday, July 11th.
Shares of Approach Resources (NASDAQ:AREX) opened at 3.10 on Monday. The firm’s market cap is $128.85 million. The stock’s 50 day moving average price is $3.27 and its 200-day moving average price is $2.48. Approach Resources has a 12-month low of $0.60 and a 12-month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Approach Resources had a negative return on equity of 5.72% and a negative net margin of 185.20%. The company had revenue of $22.43 million for the quarter, compared to analyst estimates of $22.27 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. Approach Resources’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, analysts predict that Approach Resources will post ($1.02) earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the company. LMR Partners LLP acquired a new position in shares of Approach Resources during the second quarter worth about $113,000. Brandes Investment Partners LP increased its position in shares of Approach Resources by 192.8% in the second quarter. Brandes Investment Partners LP now owns 68,337 shares of the energy company’s stock worth $144,000 after buying an additional 45,000 shares during the period. Laurion Capital Management LP acquired a new position in shares of Approach Resources during the second quarter worth about $210,000. Dimensional Fund Advisors LP acquired a new position in shares of Approach Resources during the second quarter worth about $259,000. Finally, Lone Star Value Management LLC increased its position in shares of Approach Resources by 150.0% in the first quarter. Lone Star Value Management LLC now owns 125,000 shares of the energy company’s stock worth $145,000 after buying an additional 75,000 shares during the period. Institutional investors and hedge funds own 53.36% of the company’s stock.
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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