Approach Resources PT Raised to $47.00 (AREX)
Investment analysts at Wunderlich raised their target price on shares of Approach Resources (NASDAQ:AREX) from $45.00 to $47.00 in a note issued to investors on Friday, StockRatingsNetwork.com reports. The firm currently has a “buy” rating on the stock. Wunderlich’s price objective indicates a potential upside of 85.62% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Northland Capital Partners initiated coverage on shares of Approach Resources (NASDAQ:AREX) in a research note to investors on Wednesday. They set an “outperform” rating and a $36.00 price target on the stock. Separately, analysts at Northland Securities initiated coverage on shares of Approach Resources (NASDAQ:AREX) in a research note to investors on Tuesday. They set an “outperform” rating on the stock. Finally, analysts at JPMorgan Chase & Co. downgraded shares of Approach Resources (NASDAQ:AREX) from an “overweight” rating to an “underweight” rating in a research note to investors on Friday, September 13th. They now have a $25.50 price target on the stock, down previously from $38.50.
Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $32.46.
Shares of Approach Resources (NASDAQ:AREX) traded down 0.43% on Friday, hitting $25.21. 171,088 shares of the company’s stock traded hands. Approach Resources has a one year low of $22.24 and a one year high of $30.76. The stock’s 50-day moving average is $24.50 and its 200-day moving average is $25.10. The company has a market cap of $983.4 million and a P/E ratio of 238.87.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.13 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.06 by $0.07. The company had revenue of $42.30 million for the quarter, compared to the consensus estimate of $41.70 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 41.5% on a year-over-year basis. On average, analysts predict that Approach Resources will post $0.38 earnings per share for the current fiscal year.
Approach Resources Inc, is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties.
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