Approach Resources Inc. (AREX) Stock Rating Lowered by ValuEngine
ValuEngine lowered shares of Approach Resources Inc. (NASDAQ:AREX) from a sell rating to a strong sell rating in a report published on Friday morning.
A number of other research analysts have also issued reports 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, May 6th. Zacks Investment Research lowered Approach Resources from a hold rating to a sell rating in a research report on Friday, May 19th. Seaport Global Securities lowered Approach Resources from a neutral rating to a sell rating and reduced their price target for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. BidaskClub lowered Approach Resources from a hold rating to a sell rating in a research report on Thursday, July 27th. Finally, Imperial Capital initiated coverage on Approach Resources in a research report on Friday, August 18th. They set an in-line rating and a $2.50 price target for the company. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $3.08.
Shares of Approach Resources (NASDAQ AREX) opened at 2.81 on Friday. The firm’s market capitalization is $242.62 million. Approach Resources has a one year low of $1.93 and a one year high of $4.35. The company’s 50 day moving average price is $2.72 and its 200 day moving average price is $2.66.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.02. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The business had revenue of $24.97 million for the quarter, compared to analyst estimates of $25.86 million. During the same quarter last year, the firm posted ($0.25) EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, analysts expect that Approach Resources will post ($0.29) EPS for the current fiscal year.
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In other news, insider Wilks Brothers, Llc acquired 350,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were bought at an average price of $2.77 per share, with a total value of $969,500.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders bought a total of 1,526,000 shares of company stock worth $4,096,900 in the last three months. Company insiders own 7.80% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Approach Resources by 21.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after buying an additional 347,986 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Approach Resources by 2.2% in the 2nd quarter. California Public Employees Retirement System now owns 1,274,300 shares of the energy company’s stock worth $4,294,000 after buying an additional 27,600 shares in the last quarter. Marathon Asset Management LP raised its stake in shares of Approach Resources by 9.3% in the 1st quarter. Marathon Asset Management LP now owns 1,170,382 shares of the energy company’s stock worth $2,937,000 after buying an additional 100,000 shares in the last quarter. Boston Partners raised its stake in shares of Approach Resources by 41.2% in the 1st quarter. Boston Partners now owns 1,150,617 shares of the energy company’s stock worth $2,888,000 after buying an additional 335,810 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Approach Resources by 447.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock worth $1,773,000 after buying an additional 577,368 shares in the last quarter. 24.34% of the stock is currently owned by 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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