Insider Buying: Approach Resources Inc. (AREX) Insider Acquires 600,000 Shares of Stock

Approach Resources Inc. (NASDAQ:AREX) insider Wilks Brothers, Llc purchased 600,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 20th. The shares were purchased at an average cost of $2.81 per share, with a total value of $1,686,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Wilks Brothers, Llc also recently made the following trade(s):

  • On Friday, December 15th, Wilks Brothers, Llc purchased 200,000 shares of Approach Resources stock. The shares were purchased at an average cost of $2.57 per share, with a total value of $514,000.00.
  • On Monday, December 18th, Wilks Brothers, Llc acquired 550,000 shares of Approach Resources stock. The stock was bought at an average cost of $2.59 per share, with a total value of $1,424,500.00.
  • On Monday, December 11th, Wilks Brothers, Llc acquired 50,000 shares of Approach Resources stock. The stock was bought at an average cost of $2.53 per share, with a total value of $126,500.00.
  • On Wednesday, December 6th, Wilks Brothers, Llc acquired 29,285 shares of Approach Resources stock. The stock was bought at an average cost of $2.39 per share, with a total value of $69,991.15.
  • On Monday, December 4th, Wilks Brothers, Llc acquired 200,000 shares of Approach Resources stock. The stock was bought at an average cost of $2.39 per share, with a total value of $478,000.00.
  • On Wednesday, December 13th, Wilks Brothers, Llc acquired 660,113 shares of Approach Resources stock. The stock was bought at an average cost of $2.47 per share, with a total value of $1,630,479.11.

Shares of Approach Resources Inc. (NASDAQ:AREX) opened at $3.00 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41. Approach Resources Inc. has a fifty-two week low of $1.93 and a fifty-two week high of $3.73.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, topping the 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 firm had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million. research analysts anticipate that Approach Resources Inc. will post -0.36 EPS for the current year.

Several equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research note on Monday, November 13th. Scotiabank reaffirmed a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a research note on Wednesday, November 22nd. Robert W. Baird reaffirmed a “hold” rating and issued a $4.00 price objective on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $2.79.

Several hedge funds and other institutional investors have recently modified their holdings of AREX. Schwab Charles Investment Management Inc. purchased a new position in Approach Resources during the 2nd quarter worth $252,000. Rhumbline Advisers purchased a new position in Approach Resources during the 2nd quarter worth $157,000. Bank of New York Mellon Corp increased its holdings in Approach Resources by 412.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 195,714 shares of the energy company’s stock worth $660,000 after purchasing an additional 157,534 shares during the period. American Century Companies Inc. purchased a new position in Approach Resources during the 2nd quarter worth $446,000. Finally, Teachers Advisors LLC purchased a new position in Approach Resources during the 2nd quarter worth $562,000. Hedge funds and other institutional investors own 24.63% 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.

Insider Buying and Selling by Quarter for Approach Resources (NASDAQ:AREX)

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