Approach Resources Inc. (NASDAQ:AREX) shares dropped 5.1% during mid-day trading on Friday . The stock traded as low as $2.72 and last traded at $2.79, with a volume of 1,225,103 shares traded. The stock had previously closed at $2.94.

AREX has been the topic of several research reports. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research report on Friday, July 22nd. 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. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Approach Resources presently has an average rating of “Hold” and a consensus target price of $2.14.

The company’s market cap is $115.13 million. The firm’s 50-day moving average price is $1.99 and its 200-day moving average price is $1.87.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data 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. The company had revenue of $22.43 million for the quarter, compared to analysts’ expectations of $22.27 million. The company’s revenue for the quarter was down 41.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) earnings per share. Equities analysts predict 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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