Approach Resources Inc. (AREX) Trading Up 3.5%
Approach Resources Inc. (NASDAQ:AREX) shares were up 3.5% during mid-day trading on Monday . The company traded as high as $2.13 and last traded at $2.09, with a volume of 280,989 shares trading hands. The stock had previously closed at $2.02.
A number of research analysts 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 on the stock in a research note on Monday, April 4th. Wunderlich lifted their price objective on shares of Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 24th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $3.17.
The firm’s market cap is $81.11 million. The company has a 50-day moving average price of $2.26 and a 200 day moving average price of $1.74.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Wednesday, May 4th. The energy company reported ($0.32) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.32). During the same period last year, the company posted ($0.03) EPS. The firm had revenue of $17.60 million for the quarter, compared to the consensus estimate of $22.33 million. The business’s revenue was down 47.1% on a year-over-year basis. Equities research analysts forecast that Approach Resources Inc. will post ($1.11) EPS for the current year.
An institutional investor recently raised its position in Approach Resources stock. First Trust Advisors LP boosted its position in Approach Resources Inc. (NASDAQ:AREX) by 187.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 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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