Approach Resources Inc. (NASDAQ:AREX) dropped 7.1% during mid-day trading on Tuesday . The stock traded as low as $3.00 and last traded at $3.02. Approximately 577,916 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 642,454 shares. The stock had previously closed at $3.25.
AREX has been the topic of several research reports. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a report on Tuesday, November 7th. Scotiabank restated a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a report on Wednesday, November 22nd. ValuEngine cut shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. BidaskClub upgraded shares of Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Finally, KeyCorp restated a “hold” rating on shares of Approach Resources in a report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $3.08.
The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41.
Several institutional investors have recently modified their holdings of AREX. Schwab Charles Investment Management Inc. purchased a new position in shares of Approach Resources during the 2nd quarter worth $252,000. Teachers Advisors LLC purchased a new position in shares of Approach Resources during the 2nd quarter worth $562,000. TIAA CREF Investment Management LLC purchased a new position in shares of Approach Resources during the 2nd quarter worth $699,000. New York State Common Retirement Fund purchased a new position in shares of Approach Resources during the 2nd quarter worth $154,000. Finally, Northern Trust Corp boosted its stake in shares of Approach Resources by 264.2% during the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after acquiring an additional 404,580 shares during the last quarter. Institutional investors and hedge funds own 23.40% of the company’s stock.
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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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