ValuEngine Lowers Approach Resources Inc. (AREX) to Sell
Approach Resources Inc. (NASDAQ:AREX) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Monday.
Several other equities research analysts also recently commented on the stock. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Seaport Global Securities downgraded shares of Approach Resources from a “neutral” rating to a “sell” rating and cut their target price for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $3.20.
Shares of Approach Resources (NASDAQ:AREX) traded up 0.82% during trading on Monday, reaching $2.45. 718,563 shares of the company traded hands. The firm’s market capitalization is $211.53 million. The company has a 50 day moving average price of $2.94 and a 200 day moving average price of $2.73. Approach Resources has a 12-month low of $1.74 and a 12-month high of $4.35.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the 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 in the prior year, the business earned ($0.25) earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts predict that Approach Resources will post ($0.27) EPS for the current year.
In other news, insider Wilks Brothers, Llc purchased 150,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were purchased at an average price of $3.03 per share, for a total transaction of $454,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought a total of 2,501,000 shares of company stock worth $6,823,150 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. First Manhattan Co. increased its position 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 during the period. Janney Montgomery Scott LLC purchased a new position in shares of Approach Resources during the first quarter worth about $258,000. Boston Partners increased its position 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 during the period. Eagle Global Advisors LLC increased its position 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 during the period. Finally, Airain ltd purchased a new position in shares of Approach Resources during the first quarter worth about $166,000. Hedge funds and other institutional investors own 24.35% 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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