Approach Resources Inc. (AREX) Sets New 12-Month High at $3.94
Approach Resources Inc. (NASDAQ:AREX) shares reached a new 52-week high on Tuesday . The stock traded as high as $3.94 and last traded at $3.36, with a volume of 4,356,661 shares traded. The stock had previously closed at $3.52.
AREX has been the subject of several recent research reports. Wunderlich upped their price objective on Approach Resources from $1.50 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 24th. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a research report on Friday, July 22nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Approach Resources has a consensus rating of “Hold” and a consensus target price of $2.33.
The company’s 50-day moving average is $2.21 and its 200 day moving average is $1.99. The company’s market capitalization is $137.99 million.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data 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 business earned $22.43 million during the quarter, compared to the consensus estimate of $22.27 million. The business’s revenue was down 41.9% on a year-over-year basis. During the same period last year, the business posted ($0.07) earnings per share. Equities analysts predict that Approach Resources Inc. will post ($1.02) EPS for the current fiscal 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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