Approach Resources Now Covered by Goldman Sachs Group Inc. (AREX)
Stock analysts at Goldman Sachs Group Inc. began coverage on shares of Approach Resources (NASDAQ:AREX) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.
Shares of Approach Resources (NASDAQ:AREX) traded down 0.39% on Tuesday, hitting $25.4107. The stock had a trading volume of 63,237 shares. Approach Resources has a 52-week low of $22.24 and a 52-week high of $30.76. The stock’s 50-day moving average is $24.41 and its 200-day moving average is $25.13. The company has a market cap of $991.2 million and a price-to-earnings ratio of 240.66.
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.
AREX has been the subject of a number of other recent research reports. Analysts at SunTrust raised their price target on shares of Approach Resources (NASDAQ:AREX) from $26.00 to $28.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at Wunderlich raised their price target on shares of Approach Resources (NASDAQ:AREX) from $45.00 to $47.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Finally, analysts at Northland Capital Partners initiated coverage on shares of Approach Resources (NASDAQ:AREX) in a research note to investors on Wednesday, September 18th. They set an “outperform” rating and a $36.00 price target on the stock.
Three investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $31.05.
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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