Parametric Portfolio Associates LLC Reduces Stake in Approach Resources Inc. (AREX)
Parametric Portfolio Associates LLC cut its position in Approach Resources Inc. (NASDAQ:AREX) by 16.2% during the first quarter, Holdings Channel reports. The fund owned 46,541 shares of the energy company’s stock after selling 9,007 shares during the period. Parametric Portfolio Associates LLC’s holdings in Approach Resources were worth $117,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. First Manhattan Co. boosted 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. Boston Partners boosted 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 valued at $2,888,000 after buying an additional 335,810 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Approach Resources during the first quarter valued at about $258,000. Finally, Edge Wealth Management LLC bought a new stake in Approach Resources during the first quarter valued at about $100,000. 24.49% of the stock is currently owned by institutional investors.
Shares of Approach Resources Inc. (NASDAQ AREX) opened at 2.52 on Thursday. The stock’s market cap is $217.58 million. Approach Resources Inc. has a 12 month low of $1.68 and a 12 month high of $4.35. The company has a 50-day moving average price of $2.94 and a 200-day moving average price of $2.74.
Approach Resources (NASDAQ:AREX) last released its 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. The company 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 company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.25) EPS. On average, analysts expect that Approach Resources Inc. will post ($0.41) EPS for the current fiscal year.
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AREX has been the topic of several recent analyst reports. Scotiabank reiterated a “hold” rating and set a $3.25 price objective on shares of Approach Resources in a research report on Tuesday, May 16th. Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. BidaskClub lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Seaport Global Securities lowered shares of Approach Resources from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $3.00 to $0.50 in a research note on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $3.20.
In other news, insider Wilks Brothers, Llc bought 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders purchased 2,651,000 shares of company stock worth $7,268,650. Company insiders own 7.80% of the company’s stock.
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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