Approach Resources Inc. (AREX) Rating Reiterated by KeyCorp

Approach Resources Inc. (NASDAQ:AREX)‘s stock had its “hold” rating reissued by equities researchers at KeyCorp in a report issued on Monday.

Several other brokerages have also issued reports on AREX. Zacks Investment Research lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Robert W. Baird restated a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a research note on Tuesday, September 26th. Imperial Capital assumed coverage on shares of Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price on the stock. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Three equities 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’s stock. The stock presently has an average rating of “Hold” and an average target price of $2.79.

Shares of Approach Resources (NASDAQ:AREX) opened at $2.26 on Monday. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a fifty-two week low of $1.93 and a fifty-two week high of $4.33.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. sell-side analysts expect that Approach Resources will post -0.39 EPS for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of AREX. Goldman Sachs Group Inc. lifted its position in Approach Resources by 447.7% during the 1st 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 in the last quarter. State Street Corp lifted its position in Approach Resources by 2,151.6% during the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after buying an additional 469,552 shares in the last quarter. Northern Trust Corp lifted 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 buying an additional 404,580 shares in the last quarter. Vanguard Group Inc. lifted 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 buying an additional 347,986 shares in the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in Approach Resources during the 2nd quarter worth about $910,000. Institutional investors and hedge funds own 23.71% 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.

Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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