Approach Resources Inc. (AREX) Stock Price Up 4.1%
Approach Resources Inc. (NASDAQ:AREX)’s share price rose 4.1% during trading on Wednesday . The stock traded as high as $2.07 and last traded at $2.05, with a volume of 290,773 shares changing hands. The stock had previously closed at $1.97.
Several equities research analysts have recently issued reports on AREX shares. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $1.50 price objective for the company in a research report on Monday, April 4th. Wunderlich lifted their price objective on shares of Approach Resources from $1.50 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 24th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $3.08.
The company’s 50-day moving average price is $2.41 and its 200-day moving average price is $1.73. The firm’s market cap is $84.60 million.
Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, May 4th. The energy company reported ($0.32) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.32). During the same period in the previous year, the business posted ($0.03) EPS. The company had revenue of $17.60 million for the quarter, compared to analyst estimates of $22.33 million. The firm’s quarterly revenue was down 47.1% on a year-over-year basis. Equities research analysts anticipate that Approach Resources Inc. will post ($1.13) EPS for the current year.
A hedge fund recently raised its stake in Approach Resources stock. First Trust Advisors LP boosted its stake in Approach Resources Inc. (NASDAQ:AREX) by 187.2% during the fourth quarter, Holdings Channel reports. The fund owned 1,342,959 shares of the energy company’s stock after buying an additional 875,436 shares during the period. First Trust Advisors LP owned approximately 3.31% of Approach Resources worth $2,471,000 as of its most recent filing with the SEC.
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.