Approach Resources Inc. Reaches New 12-Month High at $30.28 (AREX)
Approach Resources (NASDAQ:AREX)’s share price reached a new 52-week high during trading on Friday, American Banking News reports. The stock traded as high as $30.28 and last traded at $30.23, with a volume of 582,242 shares traded. The stock had previously closed at $29.36.
A number of analysts have recently weighed in on AREX shares. 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 Sterne Agee downgraded shares of Approach Resources (NASDAQ:AREX) from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, September 24th. They now have a $22.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.73.
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 released its earnings data on Thursday, August 1st. The company reported $0.13 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.05 earnings per share. Approach Resources’s revenue was up 41.5% compared to the same quarter last year. 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.