Approach Resources (AREX) Reaches New 52-Week Low at $1.56

Approach Resources Inc. (NASDAQ:AREX)’s share price reached a new 52-week low during trading on Friday . The stock traded as low as $1.56 and last traded at $1.58, with a volume of 2561 shares trading hands. The stock had previously closed at $1.68.

AREX has been the topic of several research reports. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. KLR Group reiterated a “hold” rating and set a $3.00 price objective on shares of Approach Resources in a research note on Monday, August 20th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $2.75.

The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, August 1st. The energy company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The firm had revenue of $30.33 million for the quarter, compared to the consensus estimate of $28.16 million. Approach Resources had a net margin of 18.38% and a negative return on equity of 4.52%. As a group, research analysts anticipate that Approach Resources Inc. will post -0.32 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in Approach Resources by 49.7% during the second quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock worth $649,000 after buying an additional 88,295 shares in the last quarter. GSA Capital Partners LLP grew its stake in Approach Resources by 83.1% during the second quarter. GSA Capital Partners LLP now owns 200,306 shares of the energy company’s stock worth $489,000 after buying an additional 90,900 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Approach Resources by 11.5% during the second quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock worth $8,551,000 after buying an additional 361,169 shares in the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.

About Approach Resources (NASDAQ:AREX)

Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.

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