Approach Resources Inc. (AREX) Sees Strong Trading Volume
Approach Resources Inc. (NASDAQ:AREX) shares saw an uptick in trading volume on Thursday . 1,182,446 shares were traded during trading, a decline of 8% from the previous session’s volume of 1,287,366 shares.The stock last traded at $2.93 and had previously closed at $2.84.
A number of research firms have recently commented on AREX. Zacks Investment Research cut Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Wunderlich boosted their price target on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a report on Monday, July 11th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Approach Resources has an average rating of “Hold” and a consensus target price of $2.14.
The company’s 50 day moving average price is $2.09 and its 200-day moving average price is $1.93. The company’s market cap is $120.54 million.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.04. The company earned $22.43 million during the quarter, compared to the consensus estimate of $22.27 million. During the same period in the previous year, the business earned ($0.07) earnings per share. Approach Resources’s revenue was down 41.9% on a year-over-year basis. Equities research analysts expect 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.
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