PNC Financial Services Group Inc. lowered its stake in shares of Approach Resources Inc. (NASDAQ:AREX) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 52,480 shares of the energy company’s stock after selling 509 shares during the period. PNC Financial Services Group Inc. owned about 0.13% of Approach Resources worth $111,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AREX. LMR Partners LLP purchased a new stake in shares of Approach Resources during the second quarter valued at about $113,000. Lone Star Value Management LLC boosted its stake in shares of Approach Resources by 150.0% in the first quarter. Lone Star Value Management LLC now owns 125,000 shares of the energy company’s stock valued at $145,000 after buying an additional 75,000 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Approach Resources during the second quarter valued at about $281,000. Spark Investment Management LLC boosted its stake in shares of Approach Resources by 202.7% in the first quarter. Spark Investment Management LLC now owns 423,400 shares of the energy company’s stock valued at $491,000 after buying an additional 283,530 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Approach Resources during the second quarter valued at about $1,775,000. Hedge funds and other institutional investors own 53.45% of the company’s stock.
Shares of Approach Resources Inc. (NASDAQ:AREX) traded down 3.91% during trading on Tuesday, reaching $3.44. The company had a trading volume of 342,165 shares. The firm has a 50-day moving average of $3.21 and a 200-day moving average of $2.40. Approach Resources Inc. has a 12-month low of $0.60 and a 12-month high of $4.35. The company’s market cap is $142.98 million.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The company had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. Approach Resources had a negative return on equity of 5.72% and a negative net margin of 185.20%. The firm’s revenue was down 41.9% compared to the same quarter last year. During the same period last year, the business posted ($0.07) earnings per share. On average, equities research analysts anticipate that Approach Resources Inc. will post ($1.02) EPS for the current year.
AREX has been the subject of several recent research reports. Wunderlich upped their target price on Approach Resources from $3.50 to $4.00 and gave the company a “hold” rating in a report on Monday, July 11th. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a report on Friday, July 22nd.
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.
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