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Approach Resources (NASDAQ:AREX) was upgraded by investment analysts at Stephens from an “underweight” rating to an “equal weight” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports.

Shares of Approach Resources (NASDAQ:AREX) opened at 18.39 on Monday. Approach Resources has a 1-year low of $17.59 and a 1-year high of $31.67. The stock’s 50-day moving average is $20.07 and its 200-day moving average is $20.95. The company has a market cap of $721.7 million and a P/E ratio of 9.42.

Approach Resources (NASDAQ:AREX) last announced its earnings results on Thursday, May 8th. The company reported $0.17 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.06 earnings per share. Approach Resources’s revenue was up 70.7% compared to the same quarter last year. On average, analysts predict that Approach Resources will post $0.89 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Mizuho cut their price target on shares of Approach Resources from $23.00 to $21.00 in a research note on Tuesday, May 13th. They now have a “neutral” rating on the stock. Separately, analysts at KLR Group raised their price target on shares of Approach Resources to $24.00 in a research note on Monday, May 12th. Finally, 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, May 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $27.35.

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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