Approach Resources Given “Sell” Rating at Sterne Agee (AREX)
Approach Resources (NASDAQ:AREX)‘s stock had its “sell” rating reiterated by analysts at Sterne Agee in a research report issued to clients and investors on Friday, AnalystRatingsNetwork reports. They currently have a $22.00 price objective on the stock. Sterne Agee’s target price points to a potential downside of 26.81% from the stock’s previous close.
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 $28.00 to $30.00 in a research note to investors on Friday. They now have a “neutral” rating on the stock. Separately, analysts at Brean Capital initiated coverage on shares of Approach Resources (NASDAQ:AREX) in a research note to investors on Tuesday. They set a “buy” rating and a $34.00 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Approach Resources (NASDAQ:AREX) in a research note to investors on Tuesday, September 24th. They set a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. Approach Resources presently has a consensus rating of “Hold” and a consensus target price of $30.73.
Approach Resources (NASDAQ:AREX) traded up 2.38% during mid-day trading on Friday, hitting $30.06. The stock had a trading volume of 827,907 shares. Approach Resources has a 52 week low of $22.24 and a 52 week high of $29.90. The stock’s 50-day moving average is $24.94 and its 200-day moving average is $25.23. The company has a market cap of $1.173 billion and a price-to-earnings ratio of 276.98.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Thursday, August 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the 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 $0.40 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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