Approach Resources Inc. (AREX) Sees Large Volume Increase
Approach Resources Inc. (NASDAQ:AREX) shares saw an uptick in trading volume on Monday . 1,300,164 shares traded hands during mid-day trading, an increase of 36% from the previous session’s volume of 953,548 shares.The stock last traded at $2.52 and had previously closed at $2.45.
A number of research firms recently commented on AREX. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Thursday. Wunderlich lifted their target price on shares of Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a research note on Monday, July 11th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $2.14.
The company’s 50 day moving average is $1.91 and its 200 day moving average is $1.83. The firm’s market capitalization is $103.08 million.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The business had revenue of $22.43 million for the quarter, compared to analyst estimates of $22.27 million. During the same period in the prior year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was down 41.9% compared to the same quarter last year. On average, equities analysts predict that Approach Resources Inc. will post ($1.03) earnings per share for the current year.
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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