Approach Resources Inc. (NASDAQ:AREX) dropped 3.2% during trading on Monday . The company traded as low as $0.31 and last traded at $0.30, approximately 12,390 shares traded hands during mid-day trading. A decline of 99% from the average daily volume of 1,438,453 shares. The stock had previously closed at $0.31.
AREX has been the subject of several recent analyst reports. EuroPacific Canada cut shares of Approach Resources from a “neutral” rating to a “sell” rating in a research report on Tuesday, March 19th. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research cut shares of General Finance from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Imperial Capital cut shares of Approach Resources from an “in-line” rating to an “underperform” rating and cut their price objective for the stock from $3.50 to $0.40 in a research report on Wednesday, March 20th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company presently has a consensus rating of “Sell” and a consensus target price of $1.22.
The stock has a market cap of $27.83 million, a PE ratio of -1.14 and a beta of 3.07. The stock has a 50-day moving average price of $0.28. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.16.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Thursday, May 9th. The energy company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Approach Resources had a negative net margin of 28.00% and a negative return on equity of 4.46%. The business had revenue of $19.24 million during the quarter, compared to analysts’ expectations of $21.11 million. As a group, analysts expect that Approach Resources Inc. will post -0.32 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in AREX. SG Americas Securities LLC increased its position in shares of Approach Resources by 260.0% during the first quarter. SG Americas Securities LLC now owns 88,016 shares of the energy company’s stock valued at $31,000 after acquiring an additional 63,566 shares during the last quarter. Rhumbline Advisers increased its position in shares of Approach Resources by 34.6% during the fourth quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock valued at $53,000 after acquiring an additional 15,640 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Approach Resources during the fourth quarter valued at about $160,000. Finally, Geode Capital Management LLC increased its position in shares of Approach Resources by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock valued at $463,000 after acquiring an additional 32,712 shares during the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.
About Approach Resources (NASDAQ:AREX)
Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin. As of December 31, 2018, its estimated proved reserves were 180.1 million barrels of oil equivalent located in Crockett and Schleicher counties, Texas.
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