Russell Investments Group Ltd. lowered its position in Approach Resources Inc. (NASDAQ:AREX) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 403,718 shares of the energy company’s stock after selling 47,800 shares during the period. Russell Investments Group Ltd. owned approximately 0.57% of Approach Resources worth $1,360,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Segantii Capital Management Ltd boosted its position in Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock valued at $121,000 after buying an additional 40,800 shares during the last quarter. Airain ltd purchased a new stake in Approach Resources in the first quarter valued at approximately $166,000. Schroder Investment Management Group purchased a new stake in Approach Resources in the first quarter valued at approximately $174,000. Eagle Global Advisors LLC boosted its position in Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock valued at $195,000 after buying an additional 12,350 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in Approach Resources in the first quarter valued at approximately $198,000. Hedge funds and other institutional investors own 24.34% of the company’s stock.
In other Approach Resources news, major shareholder Wilks Brothers, Llc purchased 88,000 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average cost of $2.72 per share, for a total transaction of $239,360.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders purchased 576,000 shares of company stock worth $1,480,400. Company insiders own 7.80% of the company’s stock.
A number of brokerages recently commented on AREX. Zacks Investment Research upgraded Approach Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. ValuEngine lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 1st. Scotiabank set a $3.00 target price on Approach Resources and gave the company a “hold” rating in a research report on Saturday, July 1st. Seaport Global Securities lowered Approach Resources from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.00 to $0.50 in a research report on Wednesday, June 21st. Finally, BidaskClub lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Approach Resources has a consensus rating of “Hold” and an average target price of $3.08.
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Shares of Approach Resources Inc. (NASDAQ AREX) traded down 1.83% on Friday, reaching $2.68. The company’s stock had a trading volume of 594,483 shares. Approach Resources Inc. has a 1-year low of $1.93 and a 1-year high of $4.33. The stock has a 50-day moving average price of $2.63 and a 200-day moving average price of $2.63. The company’s market capitalization is $231.39 million.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. During the same quarter last year, the business posted ($0.25) earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Approach Resources Inc. will post ($0.29) EPS for the current year.
Approach Resources 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.
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