Approach Resources Inc. (AREX) Trading 8.6% Higher
Approach Resources Inc. (NASDAQ:AREX) shares traded up 8.6% during mid-day 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 trading hands. The stock had previously closed at $2.90.
A number of research analysts have recently issued reports on the company. Zacks Investment Research downgraded Approach Resources from a “buy” rating to a “hold” rating in a research note on Thursday, August 11th. Wunderlich upped their price target on Approach Resources from $3.50 to $4.00 and gave the stock a “hold” rating in a research note on Monday, July 11th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $2.33.
The company’s market capitalization is $142.98 million. The company has a 50 day moving average of $2.18 and a 200 day moving average of $1.98.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Wednesday, August 3rd. The energy company reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.04. During the same period last year, the business posted ($0.07) earnings per share. The company had revenue of $22.43 million for the quarter, compared to the consensus estimate of $22.27 million. The firm’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, analysts predict that Approach Resources Inc. will post ($1.02) EPS for the current 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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