Approach Resources Inc. (AREX) Trading 6.3% Higher
Approach Resources Inc. (NASDAQ:AREX)’s share price traded up 6.3% on Friday . The company traded as high as $2.12 and last traded at $2.03, with a volume of 897,337 shares. The stock had previously closed at $1.91.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Wunderlich upped their price objective on Approach Resources from $3.50 to $4.00 and gave the company a “hold” rating in a research note on Monday, July 11th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $2.38.
The company’s market cap is $98.51 million. The stock has a 50 day moving average of $1.90 and a 200-day moving average of $1.80.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.04. The business had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. Approach Resources’s revenue for the quarter was down 41.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) EPS. Analysts forecast that Approach Resources Inc. will post ($1.03) EPS for the current year.
An institutional investor recently raised its position in Approach Resources stock. First Trust Advisors LP raised its position in shares of Approach Resources Inc. (NASDAQ:AREX) by 187.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 reporting period.
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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