Trade Report: Today: Approach Resources Inc. (AREX) Downgraded by Zacks Investment Research

Today: Approach Resources Inc. (AREX) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a research report released on Tuesday morning.

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, Wunderlich lifted their target price on Approach Resources from $3.50 to $4.00 and gave the company a hold rating in a research report on Monday, July 11th.

Approach Resources (NASDAQ:AREX) opened at 3.24 on Tuesday. The stock’s 50 day moving average price is $3.27 and its 200 day moving average price is $2.44. Approach Resources has a 12 month low of $0.60 and a 12 month high of $4.35. The company’s market capitalization is $134.67 million.

Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The company had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. Approach Resources had a negative return on equity of 5.72% and a negative net margin of 185.20%. Approach Resources’s quarterly revenue was down 41.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) earnings per share. Equities research analysts anticipate that Approach Resources will post ($1.02) earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in AREX. LMR Partners LLP acquired a new position in shares of Approach Resources during the second quarter valued at approximately $113,000. Brandes Investment Partners LP increased its position in shares of Approach Resources by 192.8% in the second quarter. Brandes Investment Partners LP now owns 68,337 shares of the energy company’s stock valued at $144,000 after buying an additional 45,000 shares during the last quarter. Laurion Capital Management LP acquired a new position in shares of Approach Resources during the second quarter valued at approximately $210,000. Dimensional Fund Advisors LP acquired a new position in shares of Approach Resources during the second quarter valued at approximately $259,000. Finally, Lone Star Value Management LLC increased its position in shares of 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 valued at $145,000 after buying an additional 75,000 shares during the last quarter. Institutional investors and hedge funds own 53.45% of the company’s stock.

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.

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