Approach Resources Inc. (NASDAQ:AREX) Receives $3.25 Average Price Target from Brokerages
Approach Resources Inc. (NASDAQ:AREX) has been assigned a consensus recommendation of “Hold” from the eight research firms that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $3.25.
AREX has been the topic of a number of recent research reports. Scotiabank reiterated a “hold” rating and issued a $3.25 target price on shares of Approach Resources in a research report on Tuesday, May 16th. Zacks Investment Research upgraded Approach Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. ValuEngine upgraded Approach Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. BidaskClub lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Seaport Global Securities lowered Approach Resources from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.00 to $0.50 in a research report on Wednesday, June 21st.
In related news, insider Wilks Brothers, Llc acquired 375,000 shares of the stock in a transaction on Thursday, May 25th. The shares were acquired at an average price of $2.79 per share, for a total transaction of $1,046,250.00. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders acquired 2,651,000 shares of company stock worth $7,268,650. Insiders own 7.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new stake in Approach Resources during the second quarter valued at approximately $446,000. Bank of New York Mellon Corp raised its stake in Approach Resources by 412.6% in the second quarter. Bank of New York Mellon Corp now owns 195,714 shares of the energy company’s stock valued at $660,000 after buying an additional 157,534 shares in the last quarter. Rhumbline Advisers bought a new stake in Approach Resources during the second quarter valued at approximately $157,000. Schwab Charles Investment Management Inc. bought a new stake in Approach Resources during the second quarter valued at approximately $252,000. Finally, Edge Wealth Management LLC raised its stake in Approach Resources by 25.0% in the second quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 24.49% of the company’s stock.
Shares of Approach Resources (NASDAQ AREX) traded down 0.40% during mid-day trading on Friday, hitting $2.52. 402,273 shares of the stock were exchanged. Approach Resources has a 12 month low of $1.67 and a 12 month high of $4.35. The stock’s 50 day moving average is $2.95 and its 200-day moving average is $2.76. The stock’s market cap is $217.58 million.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.02. The firm had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. Approach Resources’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.25) EPS. On average, analysts anticipate that Approach Resources will post ($0.27) EPS for the current year.
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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