Approach Resources Inc. (NASDAQ:AREX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a 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. “

AREX has been the topic of several other research reports. Wunderlich raised Approach Resources from a “hold” rating to a “buy” rating and lifted their target price for the company from $4.00 to $5.50 in a research note on Wednesday, October 26th. SunTrust Banks Inc. raised Approach Resources from a “reduce” rating to a “hold” rating in a research note on Wednesday, October 26th.

Shares of Approach Resources (NASDAQ:AREX) opened at 3.51 on Tuesday. The firm’s market capitalization is $146.05 million. Approach Resources has a 52 week low of $0.60 and a 52 week high of $4.35. The firm has a 50-day moving average price of $3.03 and a 200-day moving average price of $2.66.

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Several hedge funds have recently bought and sold shares of the company. Hancock Holding Co. bought a new stake in shares of Approach Resources during the third quarter worth about $121,000. BlackRock Institutional Trust Company N.A. raised its stake in shares of Approach Resources by 22.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 918,003 shares of the energy company’s stock worth $3,103,000 after buying an additional 167,778 shares during the period. BlackRock Group LTD bought a new stake in shares of Approach Resources during the third quarter worth about $143,000. Lubar & Co. Inc raised its stake in shares of Approach Resources by 2.6% in the third quarter. Lubar & Co. Inc now owns 1,038,424 shares of the energy company’s stock worth $3,510,000 after buying an additional 26,086 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Approach Resources during the third quarter worth about $279,000. 52.05% of the stock is currently owned by institutional investors.

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.

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