Approach Resources Inc. (NASDAQ:AREX) has earned an average rating of “Hold” from the nine analysts that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.88.

Several research firms have issued reports on AREX. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a research note on Monday, December 25th. Robert W. Baird reiterated a “hold” rating and set a $4.00 price objective on shares of Approach Resources in a research note on Tuesday, September 26th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Finally, Scotiabank reiterated a “hold” rating and set a $3.00 price objective on shares of Approach Resources in a research note on Wednesday, November 22nd.

In other news, major shareholder Wilks Brothers, Llc bought 150,000 shares of Approach Resources stock in a transaction dated Wednesday, January 3rd. The shares were acquired at an average cost of $3.20 per share, with a total value of $480,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have bought 3,439,398 shares of company stock worth $9,444,470. Corporate insiders own 5.10% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AREX. Virtu KCG Holdings LLC lifted its position in shares of Approach Resources by 182.8% during 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. New York State Common Retirement Fund acquired a new position in shares of Approach Resources during the second quarter worth $154,000. Kornitzer Capital Management Inc. KS lifted its position in shares of Approach Resources by 68.1% during 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. Rhumbline Advisers acquired a new position in shares of Approach Resources during the second quarter worth $157,000. Finally, Parametric Portfolio Associates LLC lifted its position in shares of Approach Resources by 14.6% during the second quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after purchasing an additional 6,781 shares in the last quarter. 24.63% of the stock is currently owned by institutional investors and hedge funds.

Approach Resources (NASDAQ AREX) traded down $0.02 on Monday, reaching $3.16. 374,500 shares of the company’s stock traded hands, compared to its average volume of 615,353. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a 12 month low of $1.93 and a 12 month high of $3.56. The stock has a market capitalization of $271.67, a P/E ratio of -1.25 and a beta of 2.67.

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

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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.

Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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