Approach Resources Inc. (AREX) Shares Up 6.3%
Approach Resources Inc. (NASDAQ:AREX)’s share price shot up 6.3% on Friday . The company traded as high as $2.12 and last traded at $2.03, with a volume of 897,337 shares changing hands. The stock had previously closed at $1.91.
A number of brokerages have weighed in on AREX. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Wunderlich raised their price target on shares of Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a research report on Tuesday, May 24th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $2.38.
The company’s market capitalization is $101.83 million. The company has a 50 day moving average price of $1.90 and a 200-day moving average price of $1.81.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. During the same period last year, the firm earned ($0.07) earnings per share. The company earned $22.43 million during the quarter, compared to analysts’ expectations of $22.27 million. Approach Resources’s quarterly revenue was down 41.9% on a year-over-year basis. On average, analysts expect that Approach Resources Inc. will post ($1.03) earnings per share for the current year.
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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