Approach Resources Inc. (NASDAQ:AREX) – Equities researchers at Seaport Global Securities lowered their FY2017 EPS estimates for Approach Resources in a research note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the energy company will earn ($0.38) per share for the year, down from their prior estimate of ($0.37). Seaport Global Securities also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.08) EPS, Q2 2018 earnings at ($0.05) EPS, Q4 2018 earnings at ($0.06) EPS and FY2018 earnings at ($0.22) EPS.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. BidaskClub upgraded shares of Approach Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 11th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Scotiabank reiterated a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research note on Wednesday, November 22nd. Finally, ValuEngine cut shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Approach Resources currently has a consensus rating of “Hold” and an average price target of $3.08.
A number of large investors have recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS raised its position in Approach Resources by 68.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after purchasing an additional 25,000 shares in the last quarter. California State Teachers Retirement System acquired a new position in Approach Resources in the second quarter worth about $257,000. State Street Corp raised its position in Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after purchasing an additional 469,552 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in Approach Resources in the second quarter worth about $910,000. Finally, Virtu KCG Holdings LLC raised its position in Approach Resources by 182.8% in the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares in the last quarter. 23.53% of the stock is owned by hedge funds and other institutional investors.
In related news, major shareholder Wilks Brothers, Llc bought 200,000 shares of Approach Resources stock in a transaction that occurred on Friday, January 12th. The stock was acquired at an average price of $4.04 per share, for a total transaction of $808,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders purchased 4,089,398 shares of company stock valued at $11,804,970. 5.10% of the stock is owned by corporate insiders.
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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