Zacks Investment Research cut shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a research report released on Tuesday.

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. “

Separately, Wunderlich boosted their price target on shares of Approach Resources from $3.50 to $4.00 and gave the company a hold rating in a research report on Monday, July 11th.

Approach Resources (NASDAQ:AREX) opened at 3.44 on Tuesday. The firm’s 50-day moving average is $3.24 and its 200 day moving average is $2.41. The company’s market cap is $142.98 million. Approach Resources has a 52-week low of $0.60 and a 52-week high of $4.35.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $22.43 million for the quarter, compared to analysts’ expectations of $22.27 million. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. The company’s revenue was down 41.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) EPS. On average, equities research analysts predict that Approach Resources will post ($1.02) EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in AREX. LMR Partners LLP purchased a new stake in Approach Resources during the second quarter worth $113,000. Brandes Investment Partners LP raised its stake in Approach Resources by 192.8% in the second quarter. Brandes Investment Partners LP now owns 68,337 shares of the energy company’s stock worth $144,000 after buying an additional 45,000 shares during the last quarter. Lone Star Value Management LLC raised its stake in Approach Resources by 150.0% in the first quarter. Lone Star Value Management LLC now owns 125,000 shares of the energy company’s stock worth $145,000 after buying an additional 75,000 shares during the last quarter. Laurion Capital Management LP purchased a new stake in Approach Resources during the second quarter worth $210,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Approach Resources during the second quarter worth $259,000. Hedge funds and other institutional investors own 53.45% of the company’s stock.

About Approach Resources

Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.

5 Day Chart for NASDAQ:AREX

Receive News & Stock Ratings for Approach Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Approach Resources Inc. and related stocks with our FREE daily email newsletter.