Robert W. Baird Reiterates “Hold” Rating for Approach Resources Inc. (AREX)
Approach Resources Inc. (NASDAQ:AREX)‘s stock had its “hold” rating reissued by analysts at Robert W. Baird in a research report issued to clients and investors on Tuesday. They presently have a $4.00 price target on the energy company’s stock. Robert W. Baird’s price target points to a potential upside of 56.25% from the company’s current price.
A number of other brokerages have also recently weighed in on AREX. Zacks Investment Research cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Imperial Capital initiated coverage on shares of Approach Resources in a research note on Friday, August 18th. They set an “in-line” rating and a $2.50 price target for the company. BidaskClub cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. ValuEngine upgraded shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Seaport Global Securities cut shares of Approach Resources from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $3.00 to $0.50 in a research note on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Approach Resources presently has a consensus rating of “Hold” and an average price target of $3.21.
Approach Resources (NASDAQ:AREX) opened at 2.63 on Tuesday. The firm’s market capitalization is $227.07 million. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33. The company’s 50-day moving average is $2.61 and its 200-day moving average is $2.63.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). The business had revenue of $24.97 million for the quarter, compared to analyst estimates of $25.86 million. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The firm’s revenue for the quarter 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 predict that Approach Resources will post ($0.29) EPS for the current year.
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Several hedge funds have recently added to or reduced their stakes in AREX. Airain ltd acquired a new stake in shares of Approach Resources in the 1st quarter worth $166,000. KBC Group NV lifted its stake in shares of Approach Resources by 78.8% in the 1st quarter. KBC Group NV now owns 250,048 shares of the energy company’s stock worth $628,000 after acquiring an additional 110,170 shares during the period. Schroder Investment Management Group acquired a new stake in shares of Approach Resources in the 1st quarter worth $174,000. Spark Investment Management LLC lifted its stake in shares of Approach Resources by 73.7% in the 1st quarter. Spark Investment Management LLC now owns 570,900 shares of the energy company’s stock worth $1,432,000 after acquiring an additional 242,300 shares during the period. Finally, United Services Automobile Association acquired a new stake in shares of Approach Resources in the 1st quarter worth $1,039,000. Institutional investors own 24.34% 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.
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