Approach Resources (NASDAQ:AREX) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a sell rating to a hold rating in a research note published on Tuesday, Zacks.com reports.

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. “

Separately, ValuEngine upgraded shares of Approach Resources from a sell rating to a hold rating in a research note on Thursday, August 1st.

NASDAQ AREX opened at $0.17 on Tuesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average price of $0.20 and a 200 day moving average price of $0.34. Approach Resources has a 52 week low of $0.15 and a 52 week high of $2.33.

Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Thursday, August 8th. The energy company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.04). The firm had revenue of $14.72 million for the quarter, compared to the consensus estimate of $20.61 million. Approach Resources had a negative return on equity of 5.64% and a negative net margin of 38.00%. As a group, equities analysts forecast that Approach Resources will post -0.4 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of AREX. Jane Street Group LLC bought a new position in shares of Approach Resources during the 2nd quarter worth approximately $25,000. SG Americas Securities LLC raised its stake in shares of Approach Resources by 260.0% during the 1st quarter. SG Americas Securities LLC now owns 88,016 shares of the energy company’s stock worth $31,000 after acquiring an additional 63,566 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Approach Resources during the 2nd quarter worth approximately $32,000. Finally, Morgan Stanley raised its stake in shares of Approach Resources by 35.7% during the 2nd quarter. Morgan Stanley now owns 181,302 shares of the energy company’s stock worth $51,000 after acquiring an additional 47,666 shares in the last quarter. Hedge funds and other institutional investors own 61.53% of the company’s stock.

Approach Resources Company Profile

Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin. As of December 31, 2018, its estimated proved reserves were 180.1 million barrels of oil equivalent located in Crockett and Schleicher counties, Texas.

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