Approach Resources Inc. (AREX) Trading Down 7.8%
Approach Resources Inc. (NASDAQ:AREX) fell 7.8% during trading on Wednesday . The company traded as low as $3.06 and last traded at $3.17, with a volume of 1,049,819 shares. The stock had previously closed at $3.44.
A number of brokerages recently commented on AREX. Wunderlich lifted their price objective on Approach Resources from $1.50 to $3.00 and gave the stock a “hold” rating in a research note on Tuesday, May 24th. Zacks Investment Research cut Approach Resources from a “buy” rating to a “hold” rating in a research note on Thursday, August 11th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $2.33.
The stock’s 50-day moving average price is $2.25 and its 200-day moving average price is $2.00. The firm’s market capitalization is $141.32 million.
Approach Resources (NASDAQ:AREX) last issued its 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. The business earned $22.43 million during the quarter, compared to analyst estimates of $22.27 million. During the same period in the prior year, the business posted ($0.07) EPS. The company’s revenue for the quarter was down 41.9% compared to the same quarter last year. Equities analysts predict 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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