Approach Resources Inc. (AREX) Sees Strong Trading Volume
Approach Resources Inc. (NASDAQ:AREX) saw unusually-strong trading volume on Monday . Approximately 1,300,164 shares were traded during mid-day trading, an increase of 36% from the previous session’s volume of 953,548 shares.The stock last traded at $2.52 and had previously closed at $2.45.
Several equities analysts have commented on AREX shares. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research report 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 research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $2.14.
The stock’s market cap is $110.14 million. The firm’s 50 day moving average price is $1.92 and its 200 day moving average price is $1.84.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The firm earned $22.43 million during the quarter, compared to analyst estimates of $22.27 million. During the same period in the prior year, the firm earned ($0.07) EPS. The business’s quarterly revenue was down 41.9% on a year-over-year basis. Equities research analysts anticipate that Approach Resources Inc. will post ($1.02) earnings per share for the current fiscal 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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