Approach Resources Inc. (AREX) Trading Down 5.1%
Shares of Approach Resources Inc. (NASDAQ:AREX) were down 5.1% during mid-day trading on Friday . The company traded as low as $2.72 and last traded at $2.79, with a volume of 1,225,103 shares changing hands. The stock had previously closed at $2.94.
A number of analysts have issued reports on AREX shares. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Wunderlich boosted their price objective on shares of Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a report on Tuesday, May 24th. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Approach Resources currently has a consensus rating of “Hold” and a consensus target price of $2.14.
The company’s 50-day moving average is $1.99 and its 200 day moving average is $1.87. The stock’s market capitalization is $115.13 million.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. During the same quarter in the prior year, the company earned ($0.07) EPS. The firm earned $22.43 million during the quarter, compared to analysts’ expectations of $22.27 million. The business’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities analysts predict that Approach Resources Inc. will post ($1.02) earnings per share for the current fiscal 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.