Approach Resources (AREX) : Traders are increasing their bearish positions on the stock, as is visible by the 6.9% jump in the outstanding short positions; a total addition of 604,240 shares on the sell side. On Jul 29, 2016, the total short positions were 8,712,895 shares, which went up to 9,317,135 shares by the close of trading on August 15, 2016. It will take 9 days for the bears to roll over or cover. An average of 1,019,893 shares exchange hands daily. 25.7% of the float of the stock has been sold short by the bears. The short interest information was released on Wednesday Aug 24th after the market close.
Approach Resources (NASDAQ:AREX): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $2.76 and $2.72 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $2.90. The buying momentum continued till the end and the stock did not give up its gains. It closed at $2.84, notching a gain of 1.79% for the day. The total traded volume was 815,359 . The stock had closed at $2.79 on the previous day.
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 Companys 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.