Analysts Set Approach Resources Inc. (AREX) Price Target at $1.70

Shares of Approach Resources Inc. (NASDAQ:AREX) have been given an average rating of “Hold” by the six analysts that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $1.70.

A number of analysts have recently issued reports on the stock. Imperial Capital downgraded shares of Approach Resources from an “in-line” rating to an “underperform” rating and dropped their price target for the company from $3.50 to $0.40 in a report on Wednesday, March 20th. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. EuroPacific Canada downgraded shares of Approach Resources from a “neutral” rating to a “sell” rating in a report on Tuesday, March 19th. Finally, ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Monday, February 4th.

Shares of NASDAQ AREX opened at $0.38 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.65. The stock has a market cap of $38.34 million, a PE ratio of -1.45 and a beta of 2.79. Approach Resources has a 52-week low of $0.30 and a 52-week high of $3.26.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Monday, March 18th. The energy company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The company had revenue of $22.38 million for the quarter, compared to analysts’ expectations of $30.16 million. Approach Resources had a negative net margin of 17.46% and a negative return on equity of 4.22%. On average, equities research analysts forecast that Approach Resources will post -0.4 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in shares of Approach Resources by 34.6% in the fourth quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock worth $53,000 after buying an additional 15,640 shares during the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Approach Resources in the fourth quarter worth approximately $160,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Approach Resources by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock worth $463,000 after buying an additional 32,712 shares during the last quarter. 70.09% of the stock is currently owned by institutional investors.

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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