Approach Resources (AREX) Sets New 1-Year Low at $1.21

Approach Resources Inc. (NASDAQ:AREX) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $1.21 and last traded at $1.22, with a volume of 3000 shares. The stock had previously closed at $1.30.

Several equities research analysts recently issued reports on the company. KLR Group reiterated a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a report on Monday, August 20th. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $2.25 price objective on the stock in a report on Tuesday, September 18th.

The company has a debt-to-equity ratio of 0.64, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market capitalization of $116.24 million, a PE ratio of -3.42 and a beta of 2.79.

Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Thursday, November 8th. The energy company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.06. The company had revenue of $32.56 million for the quarter, compared to analysts’ expectations of $30.07 million. Approach Resources had a negative return on equity of 4.04% and a net margin of 20.85%. On average, research analysts expect that Approach Resources Inc. will post -0.24 EPS for the current year.

Several institutional investors have recently modified their holdings of the company. Bridgeway Capital Management Inc. boosted its holdings in shares of Approach Resources by 4.4% during the 3rd quarter. Bridgeway Capital Management Inc. now owns 1,008,400 shares of the energy company’s stock worth $2,249,000 after purchasing an additional 42,600 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Approach Resources by 11.5% during the 2nd 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 during the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Approach Resources by 83.1% during the 2nd 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 during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Approach Resources by 49.7% during the 2nd 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 during the last quarter. Institutional investors and hedge funds own 72.21% of the company’s stock.

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About Approach Resources (NASDAQ:AREX)

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.

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