Virtu KCG Holdings LLC Buys 20,705 Shares of Approach Resources Inc. (AREX)
Virtu KCG Holdings LLC boosted its stake in Approach Resources Inc. (NASDAQ:AREX) by 182.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,033 shares of the energy company’s stock after acquiring an additional 20,705 shares during the period. Virtu KCG Holdings LLC’s holdings in Approach Resources were worth $108,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of AREX. Goldman Sachs Group Inc. increased its position in Approach Resources by 447.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock valued at $1,773,000 after acquiring an additional 577,368 shares during the period. Northern Trust Corp increased its position in Approach Resources by 264.2% during the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after purchasing an additional 404,580 shares during the period. Vanguard Group Inc. increased its position in Approach Resources by 21.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after purchasing an additional 347,986 shares during the period. TIAA CREF Investment Management LLC acquired a new position in Approach Resources during the 2nd quarter worth approximately $699,000. Finally, Teachers Advisors LLC acquired a new position in Approach Resources during the 2nd quarter worth approximately $562,000. Hedge funds and other institutional investors own 24.33% of the company’s stock.
AREX has been the topic of several recent analyst reports. Zacks Investment Research cut Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. BidaskClub cut Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. ValuEngine cut Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. 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 target price on the stock. Finally, Robert W. Baird reiterated a “hold” rating and set a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Approach Resources presently has an average rating of “Hold” and a consensus price target of $2.75.
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Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). The business had revenue of $24.97 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted ($0.25) EPS.
Approach Resources 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.
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