Zacks Investment Research Downgrades Approach Resources Inc. (AREX) to Hold
Approach Resources Inc. (NASDAQ:AREX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 equities research analysts have also recently issued reports on AREX. Wunderlich upgraded Approach Resources from a “hold” rating to a “buy” rating and raised their target price for the company from $4.00 to $5.50 in a research note on Wednesday, October 26th. SunTrust Banks Inc. upgraded Approach Resources from a “reduce” rating to a “hold” rating in a research note on Wednesday, October 26th.
Approach Resources (NASDAQ:AREX) opened at 3.31 on Wednesday. Approach Resources has a 12-month low of $0.60 and a 12-month high of $4.35. The firm has a 50-day moving average of $3.05 and a 200-day moving average of $2.65. The stock’s market capitalization is $137.73 million.
Several large investors have recently modified their holdings of AREX. Schneider Capital Management Corp boosted its stake in shares of Approach Resources by 11.6% in the second quarter. Schneider Capital Management Corp now owns 3,708,510 shares of the energy company’s stock worth $7,788,000 after buying an additional 384,578 shares in the last quarter. Brandes Investment Partners LP boosted its stake in shares of 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 in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Approach Resources during the second quarter worth $281,000. Emerald Acquisition Ltd. bought a new stake in shares of Approach Resources during the second quarter worth $1,775,000. Finally, LMR Partners LLP bought a new stake in shares of Approach Resources during the second quarter worth $113,000. 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.
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