The stock of Approach Resources Inc. (NASDAQ:AREX) is a huge mover today! About 366,617 shares traded hands. Approach Resources Inc. (NASDAQ:AREX) has risen 100.00% since March 16, 2016 and is uptrending. It has outperformed by 94.46% the S&P500.
The move comes after 6 months positive chart setup for the $134.48 million company. It was reported on Oct, 19 by Barchart.com. We have $5.22 PT which if reached, will make NASDAQ:AREX worth $79.34 million more.
Analysts await Approach Resources Inc. (NASDAQ:AREX) to report earnings on November, 2. They expect $-0.23 EPS, down 64.29% or $0.09 from last year’s $-0.14 per share. After $-0.25 actual EPS reported by Approach Resources Inc. for the previous quarter, Wall Street now forecasts -8.00% EPS growth.
Approach Resources Inc. (NASDAQ:AREX) Ratings Coverage
Out of 6 analysts covering Approach Resources (NASDAQ:AREX), 1 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 17% are positive. Approach Resources has been the topic of 15 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Market Perform” rating given on Friday, August 7 by Northland Capital. Wunderlich maintained it with “Hold” rating and $3 target price in Tuesday, May 24 report. On Wednesday, September 9 the stock rating was downgraded by Macquarie Research to “Neutral”. KLR Group upgraded Approach Resources Inc. (NASDAQ:AREX) on Monday, August 10 to “Accumulate” rating. The firm earned “Outperform” rating on Friday, August 7 by RBC Capital Markets.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment decreased to 0.5 in Q2 2016. Its down 0.04, from 0.54 in 2016Q1. The ratio turned negative, as 12 funds sold all Approach Resources Inc. shares owned while 34 reduced positions. 12 funds bought stakes while 11 increased positions. They now own 18.78 million shares or 24.59% less from 24.91 million shares in 2016Q1.
National Bank Of New York Mellon Corporation owns 47,598 shares or 0% of their US portfolio. Tower Research Ltd Llc (Trc) has 0% invested in the company for 14,064 shares. Schneider Cap Management Corporation owns 3.71M shares or 1.46% of their US portfolio. Oppenheimer Inc accumulated 0.03% or 399,910 shares. Manufacturers Life Insur The has 206 shares for 0% of their US portfolio. Brandywine Global Mgmt Ltd Liability Co reported 18,300 shares or 0% of all its holdings. Paloma Mngmt Com has 0% invested in the company for 130,572 shares. State Street holds 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX) for 22,770 shares. California Employees Retirement has invested 0.01% of its portfolio in Approach Resources Inc. (NASDAQ:AREX). The Washington-based Parametric Port Assocs Limited Liability Corp has invested 0% in Approach Resources Inc. (NASDAQ:AREX). The New York-based Blackrock has invested 0% in Approach Resources Inc. (NASDAQ:AREX). State Bank Of America De accumulated 0% or 14,222 shares. Credit Suisse Ag owns 218,631 shares or 0% of their US portfolio. Royal Financial Bank Of Canada reported 2,139 shares or 0% of all its holdings. Geode Mgmt Lc has 0% invested in the company for 198,223 shares.
AREX Company Profile
Approach Resources Inc., incorporated on October 12, 2002, is an independent energy company. The Firm is focused on the exploration, development, production and acquisition of unconventional gas and oil 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. The Company’s assets cover an area of approximately 126,000 net acres. The Company’s proved reserves are approximately 166.6 million barrels of oil equivalent (MMBoe). The Company’s proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Company’s Permian Basin acreage is known as the Project Pangea. The Firm owns and operates approximately 800 producing gas and oil wells in the Permian Basin.
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