Approach Resources Inc. (AREX) Shares Down 7.8%
Shares of Approach Resources Inc. (NASDAQ:AREX) traded down 7.8% on Wednesday . The stock traded as low as $3.06 and last traded at $3.17, with a volume of 1,049,819 shares trading hands. The stock had previously closed at $3.44.
Several analysts recently weighed in on the company. Wunderlich boosted their price objective on Approach Resources from $1.50 to $3.00 and gave the company a “hold” rating in a report on Tuesday, May 24th. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $2.33.
The company’s market capitalization is $137.99 million. The company’s 50-day moving average is $2.18 and its 200-day moving average is $1.98.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Wednesday, August 3rd. The energy company reported ($0.25) 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 previous year, the company earned ($0.07) earnings per share. The company’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, equities research analysts predict 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.