Approach Resources Inc. (AREX) Trading 4.1% Higher
Shares of Approach Resources Inc. (NASDAQ:AREX) traded up 4.1% during trading on Wednesday . The company traded as high as $2.07 and last traded at $2.05, with a volume of 290,773 shares traded. The stock had previously closed at $1.97.
A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. 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 note on Tuesday, May 24th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $3.08.
The stock’s market capitalization is $82.55 million. The firm has a 50 day moving average price of $2.39 and a 200 day moving average price of $1.73.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, May 4th. The energy company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32). During the same period last year, the company earned ($0.03) earnings per share. The company earned $17.60 million during the quarter, compared to the consensus estimate of $22.33 million. The business’s revenue was down 47.1% compared to the same quarter last year. On average, equities analysts anticipate that Approach Resources Inc. will post ($1.13) EPS for the current fiscal year.
A hedge fund recently raised its stake in Approach Resources stock. First Trust Advisors LP raised its position 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 3.31% of Approach Resources worth $2,471,000 at the end of the most recent quarter.
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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