SunTrust Banks Inc. upgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a reduce rating to a hold rating in a report published on Wednesday.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Approach Resources from a buy rating to a hold rating in a research report on Thursday, August 11th. Wunderlich boosted their price target on shares of Approach Resources from $3.50 to $4.00 and gave the stock a hold rating in a research note on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $2.50.
Shares of Approach Resources (NASDAQ:AREX) opened at 2.96 on Wednesday. The firm’s 50-day moving average price is $3.15 and its 200 day moving average price is $2.56. The firm’s market capitalization is $123.03 million. Approach Resources has a 12 month low of $0.60 and a 12 month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm earned $22.43 million during the quarter, compared to the consensus estimate of $22.27 million. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. The company’s revenue was down 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. Analysts anticipate that Approach Resources will post ($1.04) earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in AREX. California Public Employees Retirement System increased its position in shares of Approach Resources by 1.1% in the second quarter. California Public Employees Retirement System now owns 1,661,500 shares of the energy company’s stock valued at $3,489,000 after buying an additional 17,500 shares during the last quarter. Brandes Investment Partners LP increased its position in Approach Resources by 192.8% in the second quarter. Brandes Investment Partners LP now owns 68,337 shares of the energy company’s stock worth $144,000 after buying an additional 45,000 shares in the last quarter. LMR Partners LLP bought a new position in Approach Resources during the second quarter worth $113,000. Lone Star Value Management LLC increased its position in Approach Resources by 150.0% in the first quarter. Lone Star Value Management LLC now owns 125,000 shares of the energy company’s stock worth $145,000 after buying an additional 75,000 shares in the last quarter. Finally, Laurion Capital Management LP bought a new position in Approach Resources during the second quarter worth $210,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.
About Approach Resources