Approach Resources Inc. (AREX) Hits New 52-Week High at $3.22
Approach Resources Inc. (NASDAQ:AREX)’s share price hit a new 52-week high on Thursday . The company traded as high as $3.22 and last traded at $3.09, with a volume of 2,190,180 shares. The stock had previously closed at $2.70.
AREX has been the topic of a number of recent research reports. Wunderlich increased their target price on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a research note on Monday, July 11th. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research note on Friday, July 22nd. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Approach Resources currently has an average rating of “Hold” and a consensus price target of $2.14.
The firm’s market cap is $122.61 million. The firm’s 50 day moving average price is $1.94 and its 200 day moving average price is $1.85.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. During the same quarter in the previous year, the firm earned ($0.07) EPS. The business 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 ($1.02) 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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