SunTrust Increases Approach Resources Price Target to $23.00 (AREX)
Analysts at SunTrust increased their price objective on shares of Approach Resources (NASDAQ:AREX) from $20.00 to $23.00 in a research report issued to clients and investors on Friday. The firm currently has a “neutral” rating on the stock. SunTrust’s target price indicates a potential upside of 4.59% from the company’s current price.
AREX has been the subject of a number of other recent research reports. Analysts at Howard Weil raised their price target on shares of Approach Resources from $31.00 to $34.00 in a research note on Thursday. They now have a “sector outperform” rating on the stock. Separately, analysts at Wells Fargo & Co. downgraded shares of Approach Resources from an “outperform” rating to a “market perform” rating in a research note on Friday, June 6th. Finally, analysts at Global Hunter Securities upgraded shares of Approach Resources from a “neutral” rating to an “accumulate” rating in a research note on Tuesday, June 3rd. They now have a $25.00 price target on the stock, up previously from $20.00. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. Approach Resources has an average rating of “Hold” and a consensus target price of $27.30.
Approach Resources (NASDAQ:AREX) traded down 2.18% on Friday, hitting $21.51. 317,463 shares of the company’s stock traded hands. Approach Resources has a 52 week low of $17.59 and a 52 week high of $31.67. The stock’s 50-day moving average is $21.15 and its 200-day moving average is $20.43. The company has a market cap of $844.1 million and a P/E ratio of 11.38.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Thursday, May 8th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 70.7% on a year-over-year basis. Analysts expect that Approach Resources will post $0.90 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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