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. “
Separately, Wunderlich increased their price objective on shares of Approach Resources from $3.50 to $4.00 and gave the stock a hold rating in a report on Monday, July 11th.
Approach Resources (NASDAQ:AREX) opened at 3.24 on Tuesday. The stock’s market cap is $134.67 million. Approach Resources has a 52 week low of $0.60 and a 52 week high of $4.35. The company’s 50 day moving average is $3.26 and its 200 day moving average is $2.42.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.04. Approach Resources had a negative net margin of 185.20% and a negative return on equity of 5.72%. The business had revenue of $22.43 million for the quarter, compared to analysts’ expectations of $22.27 million. During the same quarter last year, the company earned ($0.07) EPS. The company’s revenue for the quarter was down 41.9% compared to the same quarter last year. Equities analysts predict that Approach Resources will post ($1.02) earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in AREX. California Public Employees Retirement System boosted its position in Approach Resources by 1.1% in the second quarter. California Public Employees Retirement System now owns 1,661,500 shares of the energy company’s stock valued at $3,489,000 after buying an additional 17,500 shares during the last quarter. Brandes Investment Partners LP boosted its position in shares of Approach Resources by 192.8% in the second quarter. Brandes Investment Partners LP now owns 68,337 shares of the energy company’s stock valued at $144,000 after buying an additional 45,000 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Approach Resources during the second quarter valued at about $113,000. Lone Star Value Management LLC boosted its position 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 in the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Approach Resources during the second quarter valued at about $210,000. 53.45% of the stock is currently owned by hedge funds and other institutional investors.
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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