Approach Resources Inc. (AREX) Trading 8.6% Higher
Approach Resources Inc. (NASDAQ:AREX) traded up 8.6% during trading on Monday . The company traded as high as $3.19 and last traded at $3.15, with a volume of 1,206,895 shares. The stock had previously closed at $2.90.
A number of research analysts have issued reports on the company. Zacks Investment Research cut Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Wunderlich boosted their target price on Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 24th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $2.33.
The stock’s market capitalization is $146.31 million. The firm has a 50-day moving average of $2.09 and a 200-day moving average of $1.93.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, August 3rd. The energy company reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.04. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm earned $22.43 million during the quarter, compared to the consensus estimate of $22.27 million. The firm’s revenue was down 41.9% on a year-over-year basis. Equities analysts anticipate that Approach Resources Inc. will post ($1.02) EPS 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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