Shares of Approach Resources Inc. (NASDAQ:AREX) shot up 3.5% during trading on Monday . The stock traded as high as $2.13 and last traded at $2.09, with a volume of 280,989 shares traded. The stock had previously closed at $2.02.

Several brokerages have recently commented on AREX. Wunderlich raised their target price on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a research report on Monday, July 11th. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $1.50 price objective for the company in a report on Monday, April 4th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $3.17.

The company has a 50-day moving average price of $2.27 and a 200-day moving average price of $1.74. The firm’s market cap is $85.83 million.

Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, May 4th. The energy company reported ($0.32) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.32). The company earned $17.60 million during the quarter, compared to analyst estimates of $22.33 million. Approach Resources’s revenue for the quarter was down 47.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. Equities research analysts predict that Approach Resources Inc. will post ($1.12) EPS for the current fiscal year.

A hedge fund recently raised its stake in Approach Resources stock. First Trust Advisors LP increased its position in Approach Resources Inc. (NASDAQ:AREX) by 187.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,342,959 shares of the energy company’s stock after buying an additional 875,436 shares during the period. First Trust Advisors LP owned approximately 3.31% of Approach Resources worth $2,471,000 at the end of the most recent quarter.

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.

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