The stock of Approach Resources Inc. (NASDAQ:AREX) is a huge mover today! About 486,209 shares traded hands. Approach Resources Inc. (NASDAQ:AREX) has risen 116.00% since April 5, 2016 and is uptrending. It has outperformed by 114.04% the S&P500.
The move comes after 6 months positive chart setup for the $104.56 million company. It was reported on Nov, 8 by Barchart.com. We have $3.93 PT which if reached, will make NASDAQ:AREX worth $51.23M 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 rating was maintained by RBC Capital Markets on Friday, August 7 with “Outperform”. The company was downgraded on Wednesday, September 9 by Macquarie Research. The stock of Approach Resources Inc. (NASDAQ:AREX) has “Hold” rating given on Wednesday, October 26 by SunTrust. As per Wednesday, October 26, the company rating was upgraded by Suntrust Robinson. On Tuesday, May 24 the stock rating was maintained by Wunderlich with “Hold”. Northland Capital maintained Approach Resources Inc. (NASDAQ:AREX) on Friday, August 7 with “Market Perform” rating. On Wednesday, October 26 the stock rating was upgraded by Wunderlich to “Buy”. The rating was upgraded by KLR Group on Monday, August 10 to “Accumulate”.
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 worsened, 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.
Manchester Mngmt Ltd Liability Corporation holds 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX) for 7,000 shares. Creative Planning holds 0% or 1,200 shares in its portfolio. Paloma Prns Management accumulated 130,572 shares or 0% of the stock. Jpmorgan Chase has 0% invested in the company for 3,043 shares. Alpine Partners Vi Limited Liability Company reported 47,107 shares or 0.05% of all its holdings. Deutsche Commercial Bank Ag last reported 59,601 shares in the company. Kcg Holdg accumulated 0% or 67,519 shares. Kornitzer Cap Mgmt Ks owns 72,400 shares or 0% of their US portfolio. The Pennsylvania-based Vanguard Group Inc has invested 0% in Approach Resources Inc. (NASDAQ:AREX). Dimensional Fund Ltd Partnership holds 123,508 shares or 0% of its portfolio. Boston Prtnrs has 1.23 million shares for 0% of their US portfolio. Needham Inv Mgmt Ltd Llc holds 0.01% of its portfolio in Approach Resources Inc. (NASDAQ:AREX) for 25,200 shares. Manufacturers Life Insur The has invested 0% of its portfolio in Approach Resources Inc. (NASDAQ:AREX). Credit Suisse Ag accumulated 0% or 218,631 shares. New York State Common Retirement Fund has 13,200 shares for 0% of their US portfolio.
More recent Approach Resources Inc. (NASDAQ:AREX) news were published by: Seekingalpha.com which released: “Approach Resources: A Fascinating And Scary Change” on November 07, 2016. Also Businesswire.com published the news titled: “Approach Resources Inc. Announces Strategic Alliance and Deleveraging Transactions” on November 02, 2016. Seekingalpha.com‘s news article titled: “Approach Resources: News Is Nearing” with publication date: November 01, 2016 was also an interesting one.
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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