Shares of Approach Resources Inc. (NASDAQ:AREX) have received a consensus rating of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $2.50.

A number of brokerages recently issued reports on AREX. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $4.50 target price for the company in a research note on Friday, January 12th. BidaskClub lowered Approach Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Finally, Scotiabank restated a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research note on Wednesday, November 22nd.

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In related news, major shareholder Wilks Brothers, Llc purchased 150,000 shares of the business’s stock in a transaction on Tuesday, December 26th. The shares were bought at an average cost of $3.05 per share, with a total value of $457,500.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired a total of 1,800,000 shares of company stock worth $5,875,500 over the last ninety days. 5.10% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the company. New York State Common Retirement Fund acquired a new stake in shares of Approach Resources during the 2nd quarter valued at about $154,000. Millennium Management LLC boosted its holdings in Approach Resources by 163.3% in the 4th quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock worth $167,000 after buying an additional 34,939 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Approach Resources by 14.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after buying an additional 6,781 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Approach Resources by 437.9% in the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock worth $193,000 after buying an additional 52,990 shares during the last quarter. Finally, California State Teachers Retirement System acquired a new stake in Approach Resources in the 2nd quarter worth about $257,000. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Shares of Approach Resources (NASDAQ AREX) traded down $0.04 on Friday, hitting $2.69. The stock had a trading volume of 385,011 shares, compared to its average volume of 608,504. Approach Resources has a 12-month low of $1.95 and a 12-month high of $4.21. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market cap of $244.32, a price-to-earnings ratio of -1.58 and a beta of 2.72.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Thursday, March 8th. The energy company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $28.40 million during the quarter, compared to analyst estimates of $28.08 million. Approach Resources had a negative return on equity of 5.33% and a negative net margin of 106.65%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.27) EPS. research analysts forecast that Approach Resources will post -0.23 earnings per share for the current fiscal 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.

Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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