Approach Resources Inc. (AREX) Given “Hold” Rating at KeyCorp

KeyCorp reissued their hold rating on shares of Approach Resources Inc. (NASDAQ:AREX) in a research note issued to investors on Monday.

Several other research firms have also commented on AREX. Zacks Investment Research lowered Approach Resources from a hold rating to a sell rating in a research report on Tuesday, July 18th. Robert W. Baird reissued a hold rating and issued a $4.00 price objective on shares of Approach Resources in a research report on Tuesday, September 26th. Imperial Capital started coverage on Approach Resources in a research report on Friday, August 18th. They issued an in-line rating and a $2.50 price objective on the stock. BidaskClub lowered Approach Resources from a hold rating to a sell rating in a research report on Thursday, July 27th. Finally, ValuEngine lowered Approach Resources from a hold rating to a sell rating in a research report on Monday, August 14th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Approach Resources has an average rating of Hold and a consensus price target of $2.79.

Shares of Approach Resources (NASDAQ AREX) traded down $0.08 during trading on Monday, reaching $2.29. The company had a trading volume of 313,900 shares, compared to its average volume of 786,169. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41.

Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The firm had revenue of $25.61 million for the quarter, compared to analysts’ expectations of $25.74 million. equities research analysts predict that Approach Resources will post -0.39 EPS for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock worth $1,773,000 after purchasing an additional 577,368 shares in the last quarter. State Street Corp grew its stake 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. Northern Trust Corp grew its stake in Approach Resources by 264.2% in the second quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after purchasing an additional 404,580 shares in the last quarter. Vanguard Group Inc. grew its stake in Approach Resources by 21.6% in the second quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after purchasing an additional 347,986 shares in the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in Approach Resources in the second quarter worth about $910,000. 23.71% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Approach Resources (NASDAQ:AREX)

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