Shares of Approach Resources Inc. (NASDAQ:AREX) have been given a consensus rating of “Hold” by the six research firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $1.70.
AREX has been the subject of several analyst reports. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. EuroPacific Canada cut shares of Approach Resources from a “neutral” rating to a “sell” rating in a research report on Tuesday, March 19th. Finally, Imperial Capital cut shares of Approach Resources from an “in-line” rating to an “underperform” rating and dropped their price target for the company from $3.50 to $0.40 in a research report on Wednesday, March 20th.
Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers raised its holdings in Approach Resources by 34.6% in the 4th quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock worth $53,000 after purchasing an additional 15,640 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Approach Resources in the 4th quarter worth $160,000. Finally, Geode Capital Management LLC raised its holdings in Approach Resources by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock worth $463,000 after purchasing an additional 32,712 shares in the last quarter. Institutional investors and hedge funds own 70.09% of the company’s stock.
Shares of AREX opened at $0.38 on Friday. The firm has a market cap of $38.34 million, a price-to-earnings ratio of -1.45 and a beta of 2.79. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.77 and a quick ratio of 0.77. Approach Resources has a twelve month low of $0.30 and a twelve month high of $3.26.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Monday, March 18th. The energy company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). The firm had revenue of $22.38 million for the quarter, compared to analysts’ expectations of $30.16 million. Approach Resources had a negative net margin of 17.46% and a negative return on equity of 4.22%. As a group, equities research analysts forecast that Approach Resources will post -0.4 EPS for the current fiscal year.
About Approach Resources
Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.
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