Approach Resources Inc. (NASDAQ:AREX) dropped 3.7% on Wednesday . The company traded as low as $2.04 and last traded at $2.06, with a volume of 832,729 shares. The stock had previously closed at $2.14.

AREX has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $1.50 price objective for the company in a report on Monday, April 4th. Wunderlich boosted their price objective on shares of Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Monday. Three 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. Approach Resources currently has a consensus rating of “Hold” and a consensus target price of $3.17.

The company’s market capitalization is $84.60 million. The company has a 50-day moving average of $2.33 and a 200 day moving average of $1.74.

Approach Resources (NASDAQ:AREX) last issued its earnings results on Wednesday, May 4th. The energy company reported ($0.32) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.32). The company earned $17.60 million during the quarter, compared to analysts’ expectations of $22.33 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. The firm’s quarterly revenue was down 47.1% compared to the same quarter last year. Equities research analysts predict that Approach Resources Inc. will post ($1.12) earnings per share for the current fiscal year.

An institutional investor recently raised its position in Approach Resources stock. First Trust Advisors LP increased its stake in shares of Approach Resources Inc. (NASDAQ:AREX) by 187.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 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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