Insider Selling: Steven Smart Sells 3,400 Shares of Approach Resources Stock (AREX)
Approach Resources (NASDAQ:AREX) CFO Steven Smart unloaded 3,400 shares of the company’s stock on the open market in a transaction dated Friday, October 4th. The stock was sold at an average price of $30.00, for a total value of $102,000.00. Following the transaction, the chief financial officer now directly owns 332,924 shares of the company’s stock, valued at approximately $9,987,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 issued a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $30.73.
Shares of Approach Resources (NASDAQ:AREX) traded down 1.48% during mid-day trading on Tuesday, hitting $28.68. The stock had a trading volume of 727,115 shares. 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 price-to-earnings ratio of 274.62.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data 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 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.
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