Approach Resources Sees Large Volume Increase After Better-Than-Expected Earnings (AREX)
Approach Resources (NASDAQ:AREX) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report, AR Network reports. 2,242,064 shares traded hands during trading, an increase of 124% from the previous session’s volume of 998,781 shares.The stock last traded at $21.32 and had previously closed at $21.46.
The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.05. The company had revenue of $58.60 million for the quarter, compared to the consensus estimate of $56.97 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share.
A number of analysts have recently weighed in on AREX shares. Analysts at Imperial Capital cut their price target on shares of Approach Resources from $26.00 to $24.00 in a research note on Wednesday, February 19th. They now have an “in-line” rating on the stock. Separately, 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. Finally, 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 equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. Approach Resources has an average rating of “Hold” and a consensus price target of $30.01.
The stock’s 50-day moving average is $19.87 and its 200-day moving average is $23.30. The company has a market cap of $824.7 million and a price-to-earnings ratio of 119.22.
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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