The stock of Approach Resources Inc. (NASDAQ:AREX) is a huge mover today! The stock increased 7.04% or $0.19 on November 3, hitting $2.89. About 3.32M shares traded hands or 191.23% up from the average. Approach Resources Inc. (NASDAQ:AREX) has risen 123.14% since April 1, 2016 and is uptrending. It has outperformed by 121.93% the S&P500.
The move comes after 9 months positive chart setup for the $115.96 million company. It was reported on Nov, 3 by Barchart.com. We have $4.94 PT which if reached, will make NASDAQ:AREX worth $82.33 million more.
Approach Resources Inc. (NASDAQ:AREX) Ratings Coverage
Out of 8 analysts covering Approach Resources (NASDAQ:AREX), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. Approach Resources has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was upgraded on Wednesday, October 26 by SunTrust. The stock has “Hold” rating given by Wunderlich on Tuesday, May 24. The stock of Approach Resources Inc. (NASDAQ:AREX) earned “Outperform” rating by RBC Capital Markets on Friday, August 7. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Market Perform” rating given on Friday, August 7 by Northland Capital. On Wednesday, October 26 the stock rating was upgraded by Suntrust Robinson to “Hold”. Wunderlich upgraded Approach Resources Inc. (NASDAQ:AREX) on Wednesday, October 26 to “Buy” rating. The firm has “Neutral” rating given on Wednesday, September 9 by Macquarie Research. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Accumulate” rating given on Monday, August 10 by KLR Group.
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 dropped, 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.
Moreover, Bridgeway Cap Mgmt Incorporated has 0.02% invested in Approach Resources Inc. (NASDAQ:AREX) for 507,900 shares. Barclays Public Limited Com, a United Kingdom-based fund reported 6,984 shares. Spark Investment Mgmt Lc holds 0.06% or 305,300 shares in its portfolio. Blackrock Fund Advsr has 97,108 shares for 0% of their US portfolio. Wells Fargo And Mn last reported 0% of its portfolio in the stock. The Pennsylvania-based Susquehanna Gp Llp has invested 0% in Approach Resources Inc. (NASDAQ:AREX). Moreover, Blackrock Advsr Limited Co has 0% invested in Approach Resources Inc. (NASDAQ:AREX) for 7,910 shares. Citadel Ltd Liability holds 0% or 17,613 shares in its portfolio. Kornitzer Inc Ks accumulated 72,400 shares or 0% of the stock. Invesco last reported 546,862 shares in the company. Hodges Cap Mgmt Inc has invested 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX). Goldman Sachs Gru accumulated 119,149 shares or 0% of the stock. Manufacturers Life The holds 0% or 206 shares in its portfolio. Millennium Mgmt Ltd Liability Co owns 318,166 shares or 0% of their US portfolio. Group Inc One Trading Lp owns 72,461 shares or 0% of their US portfolio.
More news for Approach Resources Inc. (NASDAQ:AREX) were recently published by: Businesswire.com, which released: “Approach Resources Inc. Announces Strategic Alliance and Deleveraging Transactions” on November 02, 2016. Reuters.com‘s article titled: “BRIEF-Approach Resource announces strategic alliance and deleveraging tran…” and published on November 02, 2016 is yet another important article.
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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