Approach Resources’ (AREX) “Hold” Rating Reiterated at KeyCorp

KeyCorp restated their hold rating on shares of Approach Resources Inc. (NASDAQ:AREX) in a research report sent to investors on Monday.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Approach Resources from a hold rating to a sell rating in a research report on Tuesday, July 18th. ValuEngine cut shares of Approach Resources from a sell rating to a strong sell rating in a research report on Friday, September 1st. BidaskClub cut shares of Approach Resources from a hold rating to a sell rating in a research report on Thursday, July 27th. Imperial Capital initiated coverage on shares of Approach Resources in a research report on Friday, August 18th. They set an in-line rating and a $2.50 target price for the company. Finally, Robert W. Baird restated a hold rating and set a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Approach Resources currently has an average rating of Hold and an average price target of $2.79.

Approach Resources (NASDAQ AREX) opened at $2.29 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.41 and a quick ratio of 0.41. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33.

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

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Several large investors have recently bought and sold shares of AREX. Goldman Sachs Group Inc. raised its position in shares of Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock valued at $1,773,000 after buying an additional 577,368 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Approach Resources by 2.6% in the second quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock valued at $355,000 after buying an additional 2,703 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in shares of Approach Resources in the second quarter valued at approximately $124,000. Edge Wealth Management LLC raised its position in shares of Approach Resources by 25.0% in the second quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock valued at $161,000 after buying an additional 10,000 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Approach Resources in the second quarter valued at approximately $252,000. 23.71% of the stock is 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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