Robert W. Baird Initiates Coverage on Approach Resources (AREX)
Robert W. Baird assumed coverage on shares of Approach Resources (NASDAQ:AREX) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating on the stock.
In other Approach Resources news, CEO J. Ross Craft sold 6,672 shares of Approach Resources 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 $200,160.00. Following the sale, the chief executive officer now directly owns 923,135 shares in the company, valued at approximately $27,694,050. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Several other analysts have also recently commented on the stock. Analysts at Simmons downgraded shares of Approach Resources from an “overweight” rating to a “neutral” rating in a research note to investors on Friday, October 11th. Separately, 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, October 7th. Finally, analysts at Sterne Agee reiterated a “sell” rating on shares of Approach Resources in a research note to investors on Friday, October 4th. They now have a $22.00 price target on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $30.73.
Shares of Approach Resources (NASDAQ:AREX) traded up 2.63% on Wednesday, hitting $29.65. The stock had a trading volume of 224,224 shares. 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 $25.9 and a 200-day moving average of $25.45. The company has a market cap of $1.157 billion and a price-to-earnings ratio of 272.55.
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 in the previous year, the company posted $0.05 earnings per share. The company’s revenue for the quarter was up 41.5% on a year-over-year basis. Analysts expect that Approach Resources will post $0.41 EPS 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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