Kornitzer Capital Management Inc. KS Takes Position in Approach Resources Inc. (NASDAQ:AREX)
Kornitzer Capital Management Inc. KS acquired a new stake in shares of Approach Resources Inc. (NASDAQ:AREX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 36,700 shares of the energy company’s stock, valued at approximately $124,000.
Other institutional investors have also modified their holdings of the company. First Manhattan Co. increased its stake in 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 during the last quarter. Goldman Sachs Group Inc. increased its stake in Approach Resources by 447.7% in the first 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 during the last quarter. United Services Automobile Association purchased a new stake in Approach Resources during the first quarter worth $1,039,000. Boston Partners increased its stake in 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 during the last quarter. Finally, Spark Investment Management LLC increased its stake in Approach Resources by 73.7% in the first quarter. Spark Investment Management LLC now owns 570,900 shares of the energy company’s stock worth $1,432,000 after buying an additional 242,300 shares during the last quarter. Hedge funds and other institutional investors own 24.49% of the company’s stock.
Shares of Approach Resources Inc. (AREX) opened at 2.52 on Thursday. The company’s market cap is $217.58 million. The company has a 50-day moving average price of $2.94 and a 200-day moving average price of $2.74. Approach Resources Inc. has a 12-month low of $1.68 and a 12-month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. The firm had revenue of $24.97 million during the quarter, compared to analyst estimates of $25.86 million. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.25) earnings per share. On average, analysts predict that Approach Resources Inc. will post ($0.27) earnings per share for the current year.
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AREX has been the subject of a number of recent research reports. Scotiabank set a $3.00 target price on Approach Resources and gave the stock a “hold” rating in a research report on Saturday, May 6th. Zacks Investment Research downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Friday, May 19th. ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 1st. Seaport Global Securities downgraded Approach Resources from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. Finally, BidaskClub downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $3.20.
In other news, insider Wilks Brothers, Llc bought 150,000 shares of Approach Resources stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $2.97 per share, for a total transaction of $445,500.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders bought 2,651,000 shares of company stock valued at $7,268,650. 7.80% of the stock is currently owned by company insiders.
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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