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 Friday.

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 subject of several other research reports. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a report on Thursday, October 12th. ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. BidaskClub downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Imperial Capital assumed coverage on Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 target price on the stock. Finally, Robert W. Baird reiterated a “hold” rating and set a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Approach Resources has an average rating of “Hold” and an average price target of $2.75.

Shares of Approach Resources (AREX) traded up $0.01 on Friday, hitting $2.44. The company had a trading volume of 329,666 shares, compared to its average volume of 424,975. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.41 and a quick ratio of 0.40. Approach Resources has a one year low of $1.93 and a one year high of $4.33.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The company had revenue of $25.61 million during the quarter, compared to analyst estimates of $25.74 million. equities research analysts predict that Approach Resources will post -0.39 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in Approach Resources by 2.6% during the second quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock valued at $355,000 after purchasing an additional 2,703 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in Approach Resources by 14.6% during the second quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock valued at $180,000 after purchasing an additional 6,781 shares in the last quarter. Edge Wealth Management LLC lifted its position in Approach Resources by 25.0% during the second quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after purchasing an additional 10,000 shares in the last quarter. Virtu KCG Holdings LLC lifted its position in Approach Resources by 182.8% during the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after purchasing an additional 20,705 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its position in Approach Resources by 68.1% during the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock valued at $155,000 after purchasing an additional 25,000 shares in the last quarter. Institutional investors own 24.33% of the company’s stock.

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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