Edge Wealth Management LLC bought a new position in shares of Approach Resources Inc. (NASDAQ:AREX) during the first quarter, Holdings Channel reports. The fund bought 40,000 shares of the energy company’s stock, valued at approximately $100,000. Edge Wealth Management LLC owned about 0.10% of Approach Resources as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in shares of Approach Resources during the fourth quarter worth approximately $1,674,000. Allianz Asset Management AG acquired a new position in shares of Approach Resources during the fourth quarter worth approximately $621,000. A.R.T. Advisors LLC acquired a new position in shares of Approach Resources during the fourth quarter worth approximately $442,000. Hancock Holding Co. acquired a new position in shares of Approach Resources during the third quarter worth approximately $121,000. Finally, Lubar & Co. Inc boosted its position in shares of Approach Resources by 2.6% in the third quarter. Lubar & Co. Inc now owns 1,038,424 shares of the energy company’s stock worth $3,510,000 after buying an additional 26,086 shares during the last quarter. 49.46% of the stock is currently owned by institutional investors and hedge funds.
Shares of Approach Resources Inc. (NASDAQ:AREX) traded down 2.519% during trading on Thursday, reaching $2.515. 949,350 shares of the company’s stock traded hands. The company’s market capitalization is $100.12 million. The company has a 50 day moving average of $2.49 and a 200-day moving average of $3.05. Approach Resources Inc. has a 1-year low of $1.35 and a 1-year high of $4.35.
Approach Resources (NASDAQ:AREX) last released its earnings results on Thursday, March 9th. The energy company reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by $0.08. The business had revenue of $26.51 million for the quarter, compared to analysts’ expectations of $26.04 million. Approach Resources had a negative net margin of 49.87% and a negative return on equity of 6.45%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) earnings per share. Equities analysts predict that Approach Resources Inc. will post ($0.13) earnings per share for the current year.
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AREX has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $3.50 target price on the stock in a report on Tuesday, January 10th. KLR Group raised shares of Approach Resources from an “accumulate” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Friday, January 20th. Seaport Global Securities reaffirmed a “neutral” rating and issued a $3.50 target price on shares of Approach Resources in a report on Thursday, February 16th. Finally, Scotiabank set a $3.00 target price on shares of Approach Resources and gave the company a “hold” rating in a report on Monday, March 27th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Approach Resources currently has a consensus rating of “Hold” and an average target price of $3.80.
Approach Resources Company Profile
Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas 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.
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