Approach Resources Inc. (AREX) Sets New 52-Week High at $3.22
Approach Resources Inc. (NASDAQ:AREX)’s share price reached a new 52-week high during trading 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.
A number of equities analysts recently commented on AREX shares. Wunderlich lifted their price objective 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 raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a research note on Friday, July 22nd. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.14.
The company’s 50 day moving average is $1.99 and its 200-day moving average is $1.87. The stock’s market capitalization is $115.13 million.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. Approach Resources’s revenue for the quarter was down 41.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) earnings per share. Analysts expect that Approach Resources Inc. will post ($1.02) EPS 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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