Approach Resources Inc. (AREX) Shares Up 10.1%
Approach Resources Inc. (NASDAQ:AREX) shares shot up 10.1% on Tuesday . The stock traded as high as $2.97 and last traded at $2.84, with a volume of 1,026,829 shares trading hands. The stock had previously closed at $2.58.
Several brokerages recently weighed in on AREX. Wunderlich boosted their target price on shares of Approach Resources from $3.50 to $4.00 and gave the company a “hold” rating in a research note on Monday, July 11th. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $2.14.
The firm’s market capitalization is $118.04 million. The company’s 50 day moving average is $2.05 and its 200-day moving average is $1.91.
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 Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The firm had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. During the same period in the prior year, the business earned ($0.07) EPS. The company’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, equities analysts forecast 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.