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. “
Several other equities research analysts also recently commented on the stock. Imperial Capital downgraded shares of Approach Resources from an in-line rating to an underperform rating and cut their target price for the stock from $3.50 to $0.40 in a research report on Wednesday, March 20th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, EuroPacific Canada downgraded shares of Approach Resources from a neutral rating to a sell rating in a research report on Tuesday, March 19th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The stock has an average rating of Sell and an average target price of $1.22.
AREX opened at $0.30 on Monday. The firm has a 50 day moving average of $0.28. Approach Resources has a 1-year low of $0.20 and a 1-year high of $2.50. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.16. The firm has a market cap of $27.17 million, a P/E ratio of -1.14 and a beta of 3.07.
Approach Resources (NASDAQ:AREX) last posted 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 company had revenue of $19.24 million for the quarter, compared to the consensus estimate of $21.11 million. On average, equities analysts predict that Approach Resources will post -0.32 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its position in Approach Resources by 260.0% during the 1st quarter. SG Americas Securities LLC now owns 88,016 shares of the energy company’s stock worth $31,000 after buying an additional 63,566 shares during the period. Rhumbline Advisers boosted its position in Approach Resources by 34.6% during the 4th quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock worth $53,000 after buying an additional 15,640 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in Approach Resources during the 4th quarter worth approximately $160,000. Finally, Geode Capital Management LLC raised its holdings in Approach Resources by 6.6% during 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 during the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.
Approach Resources Company Profile
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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