Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a hold rating to a buy rating in a report issued on Thursday, Zacks.com reports. Zacks Investment Research currently has $0.25 price target on the energy company’s stock.
According to Zacks, “Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada. “
AREX has been the subject of a number of other reports. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Imperial Capital lowered shares of Approach Resources from an in-line rating to an underperform rating and reduced their price target for the stock from $3.50 to $0.40 in a research report on Wednesday, March 20th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. Approach Resources currently has a consensus rating of Hold and an average target price of $1.22.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Thursday, May 9th. The energy company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. Approach Resources had a negative net margin of 28.00% and a negative return on equity of 4.46%. The company had revenue of $19.24 million during the quarter, compared to analyst estimates of $21.11 million. Analysts expect that Approach Resources will post -0.32 EPS for the current year.
Several large investors have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in shares of Approach Resources by 34.6% during the 4th quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock valued at $53,000 after purchasing an additional 15,640 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Approach Resources by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock valued at $463,000 after purchasing an additional 32,712 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Approach Resources by 260.0% during the 1st quarter. SG Americas Securities LLC now owns 88,016 shares of the energy company’s stock valued at $31,000 after purchasing an additional 63,566 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Approach Resources during the 4th quarter valued at approximately $160,000. 68.71% of the stock is owned by hedge funds and other institutional investors.
About Approach Resources
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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