Shares of Approach Resources Inc. (NASDAQ:AREX) have been given an average recommendation of “Hold” by the seven ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $3.25.
A number of research analysts have recently weighed in on AREX shares. Scotiabank set a $3.00 price objective on shares of Approach Resources and gave the stock a “hold” rating in a research note on Monday, March 27th. Zacks Investment Research cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Friday, May 19th. ValuEngine cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, June 1st. Finally, Seaport Global Securities cut 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 research note on Wednesday, June 21st.
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Shares of Approach Resources (NASDAQ AREX) opened at 3.07 on Tuesday. The stock’s market capitalization is $216.16 million. Approach Resources has a 52-week low of $1.35 and a 52-week high of $4.35. The stock has a 50 day moving average price of $2.77 and a 200-day moving average price of $2.83.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, hitting the Zacks’ 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 during the quarter, compared to analysts’ expectations of $25.96 million. During the same period last year, the company posted ($0.32) EPS. The company’s revenue was up 50.0% on a year-over-year basis. On average, equities research analysts predict that Approach Resources will post ($0.24) EPS for the current fiscal year.
In related news, Director Vean J. Gregg III purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were bought at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the acquisition, the director now directly owns 131,749 shares in the company, valued at $395,247. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Wilks Brothers, Llc purchased 200,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was bought at an average price of $2.81 per share, for a total transaction of $562,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 2,861,000 shares of company stock worth $7,860,650. 7.80% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Eagle Global Advisors LLC raised 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. Edge Wealth Management LLC bought a new position in shares of Approach Resources during the first quarter worth $100,000. Segantii Capital Management Ltd raised its position in shares of Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock worth $121,000 after buying an additional 40,800 shares during the period. Airain ltd bought a new position in shares of Approach Resources during the first quarter worth $166,000. Finally, Schroder Investment Management Group bought a new position in shares of Approach Resources during the first quarter worth $174,000. Institutional investors own 25.64% of the company’s stock.
Approach Resources Company 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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