Approach Resources Inc. (NASDAQ:AREX) Rating Lowered to Sell at BidaskClub
BidaskClub downgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a research report sent to investors on Thursday.
Several other equities research analysts have also weighed in on AREX. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the stock a hold rating in a report on Saturday, May 6th. ValuEngine raised shares of Approach Resources from a sell rating to a hold rating in a report on Saturday, July 1st. Zacks Investment Research lowered shares of Approach Resources from a hold rating to a sell rating in a report on Tuesday, July 18th. Finally, Seaport Global Securities lowered shares of Approach Resources from a neutral rating to a sell rating and lowered their target price for the stock from $3.00 to $0.50 in a report on Wednesday, June 21st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Approach Resources currently has a consensus rating of Hold and an average target price of $3.20.
Shares of Approach Resources (NASDAQ:AREX) traded down 0.98% during mid-day trading on Thursday, reaching $3.03. 140,613 shares of the company were exchanged. Approach Resources has a 12 month low of $1.35 and a 12 month high of $4.35. The firm’s market capitalization is $213.34 million. The company’s 50 day moving average price is $2.93 and its 200 day moving average price is $2.76.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.11). Approach Resources had a negative net margin of 181.09% and a negative return on equity of 6.87%. The business had revenue of $26.40 million for the quarter, compared to analyst estimates of $25.96 million. During the same quarter in the prior year, the firm earned ($0.32) EPS. The firm’s quarterly revenue was up 50.0% compared to the same quarter last year. Equities analysts anticipate that Approach Resources will post ($0.26) earnings per share for the current year.
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In related news, Director Vean J. Gregg III acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were purchased at an average price of $3.00 per share, with a total value of $30,000.00. Following the acquisition, the director now directly owns 131,749 shares in the company, valued at $395,247. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Wilks Brothers, Llc acquired 150,000 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $3.03 per share, for a total transaction of $454,500.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 2,861,000 shares of company stock worth $7,860,650. Insiders own 7.80% of the company’s stock.
A number of large investors have recently modified their holdings of AREX. Edge Wealth Management LLC bought a new stake in shares of Approach Resources during the first quarter worth approximately $100,000. First Manhattan Co. raised its stake in shares of Approach Resources by 136.1% in the first quarter. First Manhattan Co. now owns 3,664,779 shares of the energy company’s stock worth $12,386,000 after buying an additional 2,112,371 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Approach Resources during the first quarter worth approximately $258,000. Boston Partners raised its stake in shares of Approach Resources by 41.2% in the first 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, Eagle Global Advisors LLC raised its stake in shares of Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock worth $195,000 after buying an additional 12,350 shares in the last quarter. 25.28% of the stock is currently owned by hedge funds and other institutional investors.
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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