Approach Resources Inc. (AREX) Stock Price Up 10.1%
Shares of Approach Resources Inc. (NASDAQ:AREX) rose 10.1% on Tuesday . The stock traded as high as $2.97 and last traded at $2.84, with a volume of 1,026,829 shares trading hands. The stock had previously closed at $2.58.
AREX has been the subject of several analyst reports. Zacks Investment Research downgraded Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Wunderlich upped their target price on Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a report on Tuesday, May 24th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $2.14.
The firm’s market capitalization is $115.96 million. The stock has a 50 day moving average of $2.00 and a 200 day moving average of $1.89.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.04. During the same period in the prior year, the business earned ($0.07) earnings per share. The business had revenue of $22.43 million for the quarter, compared to analyst estimates of $22.27 million. The company’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, 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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