Approach Resources Price Target Cut to $21.00 (AREX)
Investment analysts at Mizuho cut their target price on shares of Approach Resources (NASDAQ:AREX) from $23.00 to $21.00 in a note issued to investors on Tuesday, AnalystRatingsNetwork.com reports. The firm currently has a “neutral” rating on the stock. Mizuho’s price target indicates a potential upside of 11.46% from the stock’s previous close.
AREX has been the subject of a number of other recent research reports. Analysts at KLR Group raised their price target on shares of Approach Resources to $24.00 in a research note on Monday. Separately, analysts at EuroPacific Canada cut their price target on shares of Approach Resources from $28.00 to $25.00 in a research note on Monday. Finally, analysts at SunTrust cut their price target on shares of Approach Resources from $22.00 to $20.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.35.
Approach Resources (NASDAQ:AREX) opened at 18.84 on Tuesday. 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 $20.32 and a 200-day moving average of $21.15. The company has a market cap of $739.3 million and a P/E ratio of 9.85.
Approach Resources (NASDAQ:AREX) last released its earnings data on Thursday, May 8th. The company reported $0.17 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.22 by $0.05. The company had revenue of $61.93 million for the quarter, compared to the consensus estimate of $59.95 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The company’s quarterly revenue was up 70.7% on a year-over-year basis. On average, analysts predict that Approach Resources will post $0.90 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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