Approach Resources Inc. (NASDAQ:AREX) has been given a $3.00 target price by analysts at Scotiabank in a report released on Monday. The firm currently has a “hold” rating on the energy company’s stock. Scotiabank’s price target indicates a potential upside of 32.16% from the company’s current price.
A number of other equities research analysts also recently weighed in on AREX. Zacks Investment Research downgraded Approach Resources from a “buy” rating to a “hold” rating in a report on Tuesday, November 29th. KLR Group set a $5.00 target price on Approach Resources and gave the company a “buy” rating in a report on Tuesday, December 6th. Finally, Seaport Global Securities reaffirmed a “neutral” rating and issued a $3.50 target price on shares of Approach Resources in a report on Thursday, February 16th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.80.
Approach Resources (NASDAQ:AREX) traded up 4.85% during midday trading on Monday, reaching $2.38. The company had a trading volume of 787,536 shares. Approach Resources has a 12-month low of $1.13 and a 12-month high of $4.35. The stock has a 50-day moving average price of $2.72 and a 200 day moving average price of $3.09. The company’s market capitalization is $94.75 million.
Approach Resources (NASDAQ:AREX) last issued its earnings results on Thursday, March 9th. The energy company reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by $0.08. The business earned $26.51 million during the quarter, compared to analyst estimates of $26.04 million. Approach Resources had a negative net margin of 49.87% and a negative return on equity of 6.45%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.14) EPS. Equities analysts forecast that Approach Resources will post ($0.25) EPS for the current year.
Large investors have recently modified their holdings of the stock. Lubar & Co. Inc increased its stake in shares of Approach Resources by 2.6% in the third quarter. Lubar & Co. Inc now owns 1,038,424 shares of the energy company’s stock worth $3,510,000 after buying an additional 26,086 shares in the last quarter. Hancock Holding Co. acquired a new stake in shares of Approach Resources during the third quarter worth $121,000. Russell Investments Group Ltd. acquired a new stake in shares of Approach Resources during the fourth quarter worth $1,674,000. Dimensional Fund Advisors LP increased its stake in shares of Approach Resources by 5.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 161,294 shares of the energy company’s stock worth $540,000 after buying an additional 8,740 shares in the last quarter. Finally, Allianz Asset Management AG acquired a new stake in shares of Approach Resources during the fourth quarter worth $621,000. 49.46% 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.