Approach Resources (AREX) Stock Price Up 9.5%

Approach Resources Inc. (NASDAQ:AREX) rose 9.5% on Thursday . The company traded as high as $3.06 and last traded at $3.00. Approximately 1,463,247 shares were traded during trading, an increase of 93% from the average daily volume of 759,050 shares. The stock had previously closed at $2.74.

AREX has been the topic of a number of research reports. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a report on Tuesday, November 7th. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Scotiabank reissued a “hold” rating and set a $3.00 target price on shares of Approach Resources in a report on Wednesday, November 22nd. KeyCorp reissued a “hold” rating on shares of Approach Resources in a report on Monday, November 13th. Finally, Robert W. Baird reissued a “hold” rating and set a $4.00 target price on shares of Approach Resources in a report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $2.79.

The stock has a market capitalization of $259.54, a PE ratio of -1.13 and a beta of 2.67. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. sell-side analysts forecast that Approach Resources Inc. will post -0.36 earnings per share for the current year.

In other news, major shareholder Wilks Brothers, Llc purchased 200,000 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were purchased at an average price of $2.39 per share, for a total transaction of $478,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought a total of 2,289,398 shares of company stock worth $5,929,470 in the last 90 days. Corporate insiders own 5.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS lifted its position in shares of Approach Resources by 68.1% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock valued at $155,000 after acquiring an additional 25,000 shares during the period. California State Teachers Retirement System acquired a new position in shares of Approach Resources during the 2nd quarter valued at $257,000. State Street Corp lifted its position in shares of Approach Resources by 2,151.6% during the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after acquiring an additional 469,552 shares during the period. Balyasny Asset Management LLC acquired a new position in shares of Approach Resources during the 2nd quarter valued at $910,000. Finally, Virtu KCG Holdings LLC lifted its position in shares of Approach Resources by 182.8% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after acquiring an additional 20,705 shares during the period. Institutional investors own 24.63% of the company’s stock.

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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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