Mizuho Securities Usa Exits Position in Approach Resources (AREX)

Approach Resources (AREX) : Mizuho Securities Usa has sold out all of its stake in Approach Resources during the most recent quarter, according to the disclosure filed by the company on Apr 21, 2016 with the SEC. The investment management company has sold out 84,400 shares of Approach Resources which is valued at $182,304.

Approach Resources opened for trading at $2.46 and hit $3.03 on the upside on Wednesday, eventually ending the session at $2.99, with a gain of 27.23% or 0.64 points. The heightened volatility saw the trading volume jump to 28,51,678 shares. Company has a market cap of $122 M.

Other Hedge Funds, Including , Simplex Trading reduced its stake in AREX by selling 25,828 shares or 90.44% in the most recent quarter. The Hedge Fund company now holds 2,730 shares of AREX which is valued at $4,586. Phoenix Investment Adviser sold out all of its stake in AREX during the most recent quarter. The investment firm sold 141,000 shares of AREX which is valued $236,880.Creative Planning reduced its stake in AREX by selling 100 shares or 7.69% in the most recent quarter. The Hedge Fund company now holds 1,200 shares of AREX which is valued at $1,932.

On the company’s financial health, Approach Resources reported $-0.14 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Mar 3, 2016. Analyst had a consensus of $-0.17. The company had revenue of $25.50 million for the quarter, compared to analysts expectations of $34.95 million. The company’s revenue was down -53.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.08 EPS.

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.

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