Zacks Investment Research upgraded shares of Approach Resources (NASDAQ:AREX) from a sell rating to a hold rating in a research note issued to investors on Monday morning.
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, KLR Group reaffirmed a hold rating and set a $3.00 target price on shares of Approach Resources in a research report on Monday, August 20th. Six analysts have rated the stock with a hold rating, Approach Resources presently has a consensus rating of Hold and an average price target of $2.75.
A number of large investors have recently bought and sold shares of AREX. BlackRock Inc. grew its stake in Approach Resources by 11.5% in the second quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock worth $8,551,000 after purchasing an additional 361,169 shares in the last quarter. GSA Capital Partners LLP grew its stake in Approach Resources by 83.1% in the second quarter. GSA Capital Partners LLP now owns 200,306 shares of the energy company’s stock worth $489,000 after purchasing an additional 90,900 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Approach Resources by 49.7% in the second quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock worth $649,000 after purchasing an additional 88,295 shares in the last quarter. Institutional investors and hedge funds own 75.39% of the company’s stock.
About Approach Resources
Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.
See Also: Intrinsic Value
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