Approach Resources EVP Unloads $86,640 in Stock (AREX)
Approach Resources (NASDAQ:AREX) EVP Ralph Manoushagian unloaded 2,888 shares of the company’s stock on the open market in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $30.00, for a total transaction of $86,640.00. Following the completion of the sale, the executive vice president now directly owns 256,650 shares in the company, valued at approximately $7,699,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
AREX has been the subject of a number of recent research reports. Analysts at KLR Group downgraded shares of Approach Resources from an “accumulate” rating to a “hold” rating in a research note to investors on Monday. Separately, 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. Finally, 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. Approach Resources currently has a consensus rating of “Hold” and an average target price of $30.73.
Approach Resources (NASDAQ:AREX) traded down 1.48% during mid-day trading on Tuesday, hitting $28.68. 727,115 shares of the company’s stock traded hands. Approach Resources has a one year low of $22.24 and a one year high of $30.33. The stock’s 50-day moving average is $25.22 and its 200-day moving average is $25.27. The company has a market cap of $1.119 billion and a P/E ratio of 274.62.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data 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 $0.40 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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