The stock of Approach Resources Inc. (NASDAQ:AREX) is a huge mover today! The stock decreased 6.57% or $0.19 during the last trading session, hitting $2.7. About 1.04 million shares traded hands. Approach Resources Inc. (NASDAQ:AREX) has risen 134.96% since April 4, 2016 and is uptrending. It has outperformed by 133.87% the S&P500.
The move comes after 7 months negative chart setup for the $108.34M company. It was reported on Nov, 4 by Barchart.com. We have $2.38 PT which if reached, will make NASDAQ:AREX worth $13.00M less.
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. On Wednesday, September 9 the stock rating was downgraded by Macquarie Research to “Neutral”. Wunderlich upgraded Approach Resources Inc. (NASDAQ:AREX) rating on Wednesday, October 26. Wunderlich has “Buy” rating and $5.50 price target. The rating was upgraded by KLR Group on Monday, August 10 to “Accumulate”. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Hold” rating given on Wednesday, October 26 by Suntrust Robinson. The company was maintained on Friday, August 7 by Northland Capital. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Hold” rating given on Wednesday, October 26 by SunTrust. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Hold” rating given on Tuesday, May 24 by Wunderlich. As per Friday, August 7, the company rating was maintained 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 2016 Q2. Its down 0.04, from 0.54 in 2016Q1. The ratio is 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.
Moreover, Kornitzer Inc Ks has 0% invested in Approach Resources Inc. (NASDAQ:AREX) for 72,400 shares. Invesco Ltd holds 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX) for 546,862 shares. Citadel Advsr Ltd Llc last reported 0% of its portfolio in the stock. Creative Planning last reported 1,200 shares in the company. Northern Trust Corporation accumulated 0% or 393,935 shares. Natl Bank Of Montreal Can owns 1,103 shares or 0% of their US portfolio. Kcg Inc has 67,519 shares for 0% of their US portfolio. Susquehanna Group Llp has 0% invested in the company for 108,386 shares. Art Advisors Ltd Liability Corporation accumulated 0.01% or 87,916 shares. Paloma Prtnrs last reported 0% of its portfolio in the stock. Laurion Cap Mngmt Ltd Partnership holds 0% or 100,000 shares in its portfolio. Moreover, Bnp Paribas Arbitrage Sa has 0% invested in Approach Resources Inc. (NASDAQ:AREX) for 37 shares. Earnest Ltd Limited Liability Company holds 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX) for 1,100 shares. Geode Capital Mgmt Ltd Liability Com owns 198,223 shares or 0% of their US portfolio. Deutsche National Bank & Trust Ag accumulated 0% or 59,601 shares.
Another recent and important Approach Resources Inc. (NASDAQ:AREX) news was published by Seekingalpha.com which published an article titled: “Approach Resources: News Is Nearing” on November 01, 2016.
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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