Approach Resources (AREX) : Marathon Asset Management Lp added new position in Approach Resources during the most recent quarter end. The investment management firm now holds 1,100,000 shares of Approach Resources which is valued at $3,036,000 , the company said in a statement filed on Nov 14, 2016 with the SEC.Approach Resources makes up approximately 7.05% of Marathon Asset Management Lp’s portfolio.
Other Hedge Funds, Including , Cove Street Capital reduced its stake in AREX by selling 1,293,915 shares or 64.25% in the most recent quarter. The Hedge Fund company now holds 719,862 shares of AREX which is valued at $2,073,203. Approach Resources makes up approx 0.23% of Cove Street Capital’s portfolio. Eam Investors added AREX to its portfolio by purchasing 641,769 company shares during the most recent quarter which is valued at $1,848,295. Approach Resources makes up approx 0.26% of Eam Investors’s portfolio. Tower Research Capital (trc) added AREX to its portfolio by purchasing 14,064 company shares during the most recent quarter which is valued at $36,144.Acadian Asset Management reduced its stake in AREX by selling 14,281 shares or 74.36% in the most recent quarter. The Hedge Fund company now holds 4,923 shares of AREX which is valued at $16,098.
Approach Resources (AREX) witnessed a volatile trading activity on Monday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $2.98 and reached the intraday high at $3.09. The bulls started the profit booking and pushed the shares to intraday low of $2.9. The trading session was marked by a volume range of 7,35,035 shares exchanging hands. The 52-week high of the shares is $4.35 and the 52-week low is $0.6012. The market cap of the company stands at $123 M and there are 4,16,08,374 shares in public circulation.
On the company’s financial health, Approach Resources reported $-0.23 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $-0.24. The company had revenue of $23.70 million for the quarter, compared to analysts expectations of $24.26 million. The company’s revenue was down -30.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.14 EPS.
Many Wall Street Analysts have commented on Approach Resources. Approach Resources was Upgraded by SunTrust to ” Hold” on Oct 26, 2016. Company shares were Upgraded by Wunderlich on Oct 26, 2016 to ” Buy”, Firm has raised the Price Target to $ 5.50 from a previous price target of $4 .
Approach Resources Inc. is an independent energy company. The Company is engaged in the exploration development production and acquisition of oil and gas properties in the Midland Basin of the greater Permian Basin in West Texas. The Company focuses on finding and developing oil and natural gas reserves in oil shale and tight gas sands. The Company is developing resource potential from the Wolfcamp shale oil formation. The Company’s additional drilling targets include the Clearfork Canyon Sands Strawn and Ellenburger zones. The Company refers its development project in the Permian Basin as Project Pangea which includes Pangea West. The Company also owns interest in the East Texas Basin. The Company owns and operates approximately 729 producing oil and gas wells in the Permian Basin.