The stock is trading at $3.01 which is a tad above $2.77, the stock’s 50 day moving average and which is marginally over the 200 day moving average of $2.83. The 50 day moving average went up by +8.77% whereas the 200 day moving average was up $0.18 or +6.41%. 739K shares changed hands in the last trading session. Overall, volume was down 15.17% under the stocks normal daily volume.
Short traders are feeling a little more bullish on shares of the company recently looking at the decrease in short interest. The stock had a fall in short interest between June 15, 2017 and May 31, 2017 of -3.40%. Short interest decreased from 9,406,749 to 9,087,347 over that period. With short interest at 9,087,347 and short average daily volume at 804,033, the short-interest ratio is 11.3 and the percentage of shorted shares is 0.13% as of May 31.
Approach Resources Inc. (NASDAQ:AREX) has been the object of insider buying activity recently. Director Vean J. Iii Gregg disclosed the purchase of 10,000 shares. The shares were bought on May 10th for an average price of $3.00. Gregg now owns $395,247 of the stock per the Form 4 SEC filing.
Here are a few other firms who have also updated their positions. As of quarter end Bank Of Montreal /can/ had bought a total of 251,859 shares growing its stake by 1,269.4%. The value of the investment in AREX increased from $50,000 to $916,000 a change of 1,732.0% quarter to quarter. As of the end of the quarter Cpcm, LLC had acquired 18,200 shares growing its position 22.8%. The value of the investment in Approach Resources Inc. went from $510,000 to $246,000 a change of $264,000 quarter over quarter.
As of the end of the quarter Tower Research Capital LLC (trc) had acquired a total of 11,805 shares growing its holdings by 1,112.6%. The value of the investment in (AREX) went from $4,000 to $32,000 increasing 700.0% since the last quarter. Goldman Sachs Group Inc trimmed its holdings by selling 1,572 shares a decrease of 11.9% from 12/31/2016 to 03/31/2017. Goldman Sachs Group Inc controls 11,690 shares with a value of $29,000. The value of the position overall is down by 34.1%.
On June 21 the company was downgraded from “” to “Sell” in an announcement from Seaport Global. On October 26 the stock rating was upgraded to “Buy” from “Hold” and a price target of $5.50 was set in a report from Wunderlich.
Equity analyst Wunderlich both upgraded the stock and raised the price target on October 26 boosting the price target from $5.00 to $5.50 and moving the rating from “Hold” to “Buy”. On October 26 the stock rating was upgraded from “Reduce” to “Hold” in a statement from SunTrust Robinson Humphrey.
Macquarie downgraded the stock and lowered the price target on September 9 changing the price target from $5.50 to $3.00 and setting the rating at “Neutral” which had previously been “Outperform”. On September 9 the stock rating was downgraded from “Outperform” to “Neutral” with a current price target of $3.00 in a report issued by Macquarie.
The company is now down by -4.14 percent from yesterday’s close. As of the latest earnings report the EPS was $-3.68 and is expected to be $-0.22 for the current year with 70,409,000 shares presently outstanding. Analysts expect next quarter’s EPS to be $-0.07 with next year’s EPS projected to be $-0.26.
Approach Resources Inc., launched on October 12, 2002, 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 Business’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas. The Business’s assets cover an area of approximately 126,000 net acres. Its proved reserves are approximately 166.6 million barrels of oil equivalent (MMBoe). The Business’s proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Business’s Permian Basin acreage is known as the Project Pangea. The Company owns and operates approximately 800 producing oil and gas wells in the Permian Basin..