Notable Price Action: What’s Approach Resources Inc. Upside After Today’s Huge Increase?

Notable Price Action: What's Approach Resources Inc. Upside After Today's Huge Increase?

The stock of Approach Resources Inc. (NASDAQ:AREX) is a huge mover today! The stock increased 4.09% or $0.13 on November 23, hitting $3.31. About 1.20 million shares traded hands or 13.21% up from the average. Approach Resources Inc. (NASDAQ:AREX) has risen 53.24% since April 22, 2016 and is uptrending. It has outperformed by 47.83% the S&P500.
The move comes after 6 months positive chart setup for the $138.16 million company. It was reported on Nov, 24 by Barchart.com. We have $3.51 PT which if reached, will make NASDAQ:AREX worth $8.29 million more.

Analysts await Approach Resources Inc. (NASDAQ:AREX) to report earnings on March, 2. They expect $-0.20 EPS, down 66.67% or $0.08 from last year’s $-0.12 per share. After $-0.23 actual EPS reported by Approach Resources Inc. for the previous quarter, Wall Street now forecasts -13.04% EPS growth.

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. $9 is the highest target while $1 is the lowest. The $3.63 average target is 9.67% above today’s ($3.31) stock price. Approach Resources has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. SunTrust upgraded the shares of AREX in a report on Wednesday, October 26 to “Hold” rating. Macquarie Research downgraded it to “Neutral” rating and $3 target price in Wednesday, September 9 report. Northland Capital maintained Approach Resources Inc. (NASDAQ:AREX) on Friday, August 7 with “Market Perform” rating. The firm has “Outperform” rating by RBC Capital Markets given on Friday, August 7. Wunderlich upgraded the shares of AREX in a report on Wednesday, October 26 to “Buy” rating. The stock has “Accumulate” rating given by KLR Group on Monday, August 10. Wunderlich maintained Approach Resources Inc. (NASDAQ:AREX) on Tuesday, May 24 with “Hold” rating. The company was upgraded on Wednesday, October 26 by Suntrust Robinson.

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 increased to 0.64 in Q2 2016. Its up 0.14, from 0.5 in 2016Q1. The ratio improved, 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.
Earnest Partners Ltd Llc has 1,100 shares for 0% of their US portfolio. Bancorp Of Mellon Corporation accumulated 0% or 47,598 shares. Barclays Pcl last reported 6,984 shares in the company. Royal Bancshares Of Canada last reported 2,139 shares in the company. Wells Fargo & Mn holds 900 shares or 0% of its portfolio. Brandes Inv Partners Lp, a California-based fund reported 68,337 shares. Tower Rech Capital Ltd (Trc) accumulated 14,064 shares or 0% of the stock. Millennium Ltd Liability Corp, a New York-based fund reported 318,166 shares. Grp One Trading Limited Partnership last reported 0% of its portfolio in the stock. Parametric Portfolio Assocs Limited Liability Corp has 50,267 shares for 0% of their US portfolio. Diam last reported 62,500 shares in the company. Art Advsr owns 87,916 shares or 0.01% of their US portfolio. The Massachusetts-based State Street has invested 0% in Approach Resources Inc. (NASDAQ:AREX). Kbc Group Nv last reported 0% of its portfolio in the stock. Geode Management Ltd holds 198,223 shares or 0% of its portfolio.

Another recent and important Approach Resources Inc. (NASDAQ:AREX) news was published by Businesswire.com which published an article titled: “Approach Resources Inc. Announces Strategic Alliance and Deleveraging Transactions” on November 02, 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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