Approach Resources Inc. (AREX) Reaches New 52-Week High at $3.94
Approach Resources Inc. (NASDAQ:AREX) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $3.94 and last traded at $3.36, with a volume of 4,356,661 shares changing hands. The stock had previously closed at $3.52.
A number of brokerages recently commented on AREX. Zacks Investment Research lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Wunderlich boosted their price objective on shares of Approach Resources from $3.50 to $4.00 and gave the company a “hold” rating in a report on Monday, July 11th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Approach Resources presently has an average rating of “Hold” and an average price target of $2.33.
The stock’s market capitalization is $142.98 million. The firm has a 50 day moving average price of $2.14 and a 200 day moving average price of $1.97.
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 analysts’ consensus estimates 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. The firm’s revenue for the quarter was down 41.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. On average, analysts forecast 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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