Approach Resources Rating Lowered to Hold at KLR Group (AREX)
Approach Resources (NASDAQ:AREX) was downgraded by equities research analysts at KLR Group from an “accumulate” rating to a “hold” rating in a research note issued to investors on Monday, American Banking and Market News reports.
A number of other analysts have also recently weighed in on AREX. Analysts at Sterne Agee reiterated a “sell” rating on shares of Approach Resources in a research note to investors on Friday. They now have a $22.00 price target on the stock. Separately, analysts at SunTrust raised their price target on shares of Approach Resources from $28.00 to $30.00 in a research note to investors on Friday. They now have a “neutral” rating on the stock. Finally, analysts at Brean Capital initiated coverage on shares of Approach Resources in a research note to investors on Tuesday, October 1st. They set a “buy” rating and a $34.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Approach Resources has an average rating of “Hold” and an average price target of $30.73.
Approach Resources (NASDAQ:AREX) opened at 29.3899 on Monday. Approach Resources has a 52 week low of $22.24 and a 52 week high of $30.33. The stock has a 50-day moving average of $25.10 and a 200-day moving average of $25.25. The company has a market cap of $1.146 billion and a P/E ratio of 283.58.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results 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.