Approach Resources Inc. (NASDAQ:AREX) shares were down 2.9% during trading on Tuesday . The company traded as low as $2.00 and last traded at $2.03, with a volume of 216,559 shares changing hands. The stock had previously closed at $2.09.

A number of research analysts have commented on AREX shares. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $1.50 target price on the stock in a research report on Monday, April 4th. Wunderlich raised their target price on shares of Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a research report on Tuesday, May 24th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $3.17.

The company’s market capitalization is $81.32 million. The company has a 50 day moving average price of $2.27 and a 200-day moving average price of $1.74.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, May 4th. The energy company reported ($0.32) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.32). The business had revenue of $17.60 million for the quarter, compared to analyst estimates of $22.33 million. During the same period in the prior year, the company posted ($0.03) EPS. The firm’s revenue for the quarter was down 47.1% compared to the same quarter last year. On average, equities analysts anticipate that Approach Resources Inc. will post ($1.11) earnings per share for the current fiscal year.

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

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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