Insider Buying: Approach Resources Inc. (AREX) Major Shareholder Acquires $69,991.15 in Stock

Approach Resources Inc. (NASDAQ:AREX) major shareholder Wilks Brothers, Llc bought 29,285 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was acquired at an average cost of $2.39 per share, for a total transaction of $69,991.15. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Wilks Brothers, Llc also recently made the following trade(s):

  • On Monday, December 11th, Wilks Brothers, Llc bought 50,000 shares of Approach Resources stock. The stock was acquired at an average cost of $2.53 per share, for a total transaction of $126,500.00.
  • On Monday, December 4th, Wilks Brothers, Llc bought 200,000 shares of Approach Resources stock. The stock was acquired at an average cost of $2.39 per share, for a total transaction of $478,000.00.
  • On Wednesday, December 13th, Wilks Brothers, Llc bought 660,113 shares of Approach Resources stock. The stock was acquired at an average cost of $2.47 per share, for a total transaction of $1,630,479.11.

Approach Resources Inc. (NASDAQ AREX) traded up $0.02 during trading hours on Friday, reaching $2.59. 1,052,018 shares of the company’s stock were exchanged, compared to its average volume of 407,897. Approach Resources Inc. has a 52-week low of $1.93 and a 52-week high of $3.89. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. research analysts predict that Approach Resources Inc. will post -0.37 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC boosted its position in Approach Resources by 2.6% in the second quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock valued at $355,000 after buying an additional 2,703 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Approach Resources by 14.6% during the second quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after purchasing an additional 6,781 shares in the last quarter. Virtu KCG Holdings LLC lifted its position in shares of Approach Resources by 182.8% during the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its position in shares of Approach Resources by 68.1% during the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after purchasing an additional 25,000 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Approach Resources by 2.2% during the second quarter. California Public Employees Retirement System now owns 1,274,300 shares of the energy company’s stock worth $4,294,000 after purchasing an additional 27,600 shares in the last quarter. Hedge funds and other institutional investors own 24.67% of the company’s stock.

AREX has been the topic of a number of analyst reports. ValuEngine cut shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research report on Tuesday, October 31st. Imperial Capital initiated coverage on shares of Approach Resources in a research report on Friday, August 18th. They issued an “in-line” rating and a $2.50 price target on the stock. Robert W. Baird restated a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a research report on Tuesday, September 26th. Finally, Scotiabank restated a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a research report on Wednesday, November 22nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Approach Resources currently has an average rating of “Hold” and a consensus target price of $2.79.

ILLEGAL ACTIVITY NOTICE: “Insider Buying: Approach Resources Inc. (AREX) Major Shareholder Acquires $69,991.15 in Stock” was originally published by Week Herald and is the sole property of of Week Herald. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of international copyright & trademark laws. The original version of this piece of content can be accessed at https://weekherald.com/2017/12/16/insider-buying-approach-resources-inc-arex-major-shareholder-acquires-69991-15-in-stock.html.

About Approach Resources

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.

Insider Buying and Selling by Quarter for Approach Resources (NASDAQ:AREX)

Receive News & Ratings for Approach Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Approach Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply