Approach Resources Inc. (AREX) Sees Unusually-High Trading Volume
Approach Resources Inc. (NASDAQ:AREX) shares saw strong trading volume on Thursday . 1,182,446 shares changed hands during trading, a decline of 8% from the previous session’s volume of 1,287,366 shares.The stock last traded at $2.93 and had previously closed at $2.84.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Wunderlich increased their price target on shares of Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Monday, July 11th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Approach Resources currently has an average rating of “Hold” and an average price target of $2.14.
The company’s market capitalization is $120.54 million. The stock’s 50-day moving average price is $2.07 and its 200 day moving average price is $1.92.
Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The company earned $22.43 million during the quarter, compared to the consensus estimate of $22.27 million. During the same period in the previous year, the firm posted ($0.07) EPS. Approach Resources’s revenue for the quarter was down 41.9% on a year-over-year basis. Equities analysts anticipate 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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