Imperial Capital Lowers Approach Resources Price Target to $24.00 (AREX)
Imperial Capital reduced their price objective on shares of Approach Resources (NASDAQ:AREX) from $26.00 to $24.00 in a research note issued on Wednesday, StockRatingsNetwork.com reports. The firm currently has an “in-line” rating on the stock. Imperial Capital’s target price indicates a potential upside of 13.80% from the company’s current price.
Approach Resources (NASDAQ:AREX) opened at 21.09 on Wednesday. Approach Resources has a 52 week low of $18.25 and a 52 week high of $31.67. The stock has a 50-day moving average of $19.67 and a 200-day moving average of $23.4. The company has a market cap of $822.7 million and a price-to-earnings ratio of 113.94.
AREX has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Approach Resources from an “underperform” rating to a “neutral” rating in a research note on Friday, February 14th. They now have a $20.70 price target on the stock. Separately, analysts at Iberia Capital upgraded shares of Approach Resources from a “sector perform” rating to an “outperform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Approach Resources presently has an average rating of “Hold” and a consensus price target of $30.01.
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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