Approach Resources Inc. (AREX) Trading Up 5.3%
Approach Resources Inc. (NASDAQ:AREX) shares were up 5.3% during trading on Monday . The stock traded as high as $3.65 and last traded at $3.56, with a volume of 1,336,700 shares traded. The stock had previously closed at $3.38.
Several research analysts have commented on AREX shares. Zacks Investment Research downgraded Approach Resources from a “buy” rating to a “hold” rating in a research report on Thursday, August 11th. Wunderlich boosted their price objective on Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a research report on Tuesday, May 24th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has an average rating of “Hold” and a consensus target price of $2.33.
The company’s 50 day moving average is $2.29 and its 200 day moving average is $2.02. The company’s market cap is $147.97 million.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. During the same period last year, the company posted ($0.07) earnings per share. The company had revenue of $22.43 million for the quarter, compared to analyst estimates of $22.27 million. The business’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities research 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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