Approach Resources Inc. (AREX) Given Average Recommendation of “Hold” by Brokerages

Approach Resources Inc. (NASDAQ:AREX) has earned an average rating of “Hold” from the six analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $3.00.

A number of brokerages have commented on AREX. Zacks Investment Research lowered Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. KLR Group reissued a “hold” rating and set a $3.00 price objective on shares of Approach Resources in a report on Monday, August 20th.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Approach Resources by 11.5% in the 2nd 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Approach Resources by 49.7% in the 2nd 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 during the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Approach Resources by 83.1% in the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.

AREX traded down $0.11 during midday trading on Friday, reaching $1.57. 256,976 shares of the company were exchanged, compared to its average volume of 174,301. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.46 and a quick ratio of 0.46. Approach Resources has a one year low of $1.56 and a one year high of $4.21.

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

Approach Resources Company Profile

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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