Approach Resources Inc. (NASDAQ:AREX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $3.50 price objective on the energy company’s stock. Zacks Investment Research’s price target suggests a potential upside of 5.74% from the stock’s current price.

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. “

A number of other research analysts have also weighed in on the stock. SunTrust Banks Inc. raised shares of Approach Resources from a “reduce” rating to a “hold” rating in a research report on Wednesday, October 26th. Wunderlich raised shares of Approach Resources from a “hold” rating to a “buy” rating and raised their price target for the company from $4.00 to $5.50 in a research report on Wednesday, October 26th.

Shares of Approach Resources (NASDAQ:AREX) opened at 3.31 on Tuesday. The stock’s 50 day moving average is $3.05 and its 200-day moving average is $2.65. The company’s market cap is $137.73 million. Approach Resources has a one year low of $0.60 and a one year high of $4.35.

A number of hedge funds have recently bought and sold shares of AREX. Hancock Holding Co. bought a new stake in Approach Resources during the third quarter worth about $121,000. BlackRock Group LTD bought a new stake in Approach Resources during the third quarter worth about $143,000. LMR Partners LLP bought a new stake in Approach Resources during the second quarter worth about $113,000. Brandes Investment Partners LP increased 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 period. Finally, UBS Asset Management Americas Inc. bought a new stake in Approach Resources during the third quarter worth about $279,000. Institutional investors and hedge funds own 48.29% of the company’s stock.

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Approach Resources Company Profile

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

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