Approach Resources (NASDAQ:AREX) Trading Up 8.3%

Approach Resources Inc. (NASDAQ:AREX)’s share price was up 8.3% on Monday . The stock traded as high as $0.15 and last traded at $0.13, approximately 1,891,000 shares traded hands during mid-day trading. An increase of 194% from the average daily volume of 643,439 shares. The stock had previously closed at $0.12.

A number of research analysts have commented on AREX shares. Zacks Investment Research upgraded Approach Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, September 17th. ValuEngine upgraded Approach Resources from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st.

The company has a debt-to-equity ratio of 0.16, a current ratio of 0.05 and a quick ratio of 0.05. The business has a 50 day simple moving average of $0.17 and a 200 day simple moving average of $0.26. The company has a market capitalization of $12.02 million, a price-to-earnings ratio of -0.49 and a beta of 3.16.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Thursday, August 8th. The energy company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). Approach Resources had a negative return on equity of 5.64% and a negative net margin of 38.00%. The firm had revenue of $14.72 million for the quarter, compared to analyst estimates of $20.61 million. On average, equities research analysts predict that Approach Resources Inc. will post -0.4 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its stake in Approach Resources by 35.7% during the second quarter. Morgan Stanley now owns 181,302 shares of the energy company’s stock worth $51,000 after purchasing an additional 47,666 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Approach Resources by 45.2% in the second quarter. SG Americas Securities LLC now owns 127,798 shares of the energy company’s stock valued at $37,000 after acquiring an additional 39,782 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Approach Resources in the second quarter valued at $32,000. Finally, Jane Street Group LLC acquired a new stake in shares of Approach Resources in the second quarter valued at $25,000. Institutional investors own 61.53% 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. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin. As of December 31, 2018, its estimated proved reserves were 180.1 million barrels of oil equivalent located in Crockett and Schleicher counties, Texas.

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