Approach Resources PT Lowered to $20.00 (AREX)
Mizuho lowered their price objective on shares of Approach Resources (NASDAQ:AREX) from $21.00 to $20.00 in a research note issued on Tuesday. The firm currently has a “neutral” rating on the stock. Mizuho’s price objective suggests a potential upside of 11.11% from the stock’s previous close.
A number of other analysts have also recently weighed in on AREX. Analysts at SunTrust raised their price target on shares of Approach Resources from $20.00 to $23.00 in a research note on Friday, July 11th. They now have a “neutral” rating on the stock. Separately, 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, July 10th. They now have a “sector outperform” rating on the stock. Finally, 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. One investment 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. The stock has an average rating of “Hold” and a consensus price target of $27.25.
Shares of Approach Resources (NASDAQ:AREX) traded down 13.63% during mid-day trading on Tuesday, hitting $18.00. The stock had a trading volume of 4,050,507 shares. Approach Resources has a 1-year low of $17.59 and a 1-year high of $31.67. The stock has a 50-day moving average of $21.8 and a 200-day moving average of $20.74. The company has a market cap of $706.4 million and a P/E ratio of 10.78.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Monday, August 4th. The company reported $0.22 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.23 by $0.01. The company had revenue of $73.41 million for the quarter, compared to the consensus estimate of $66.06 million. During the same quarter last year, the company posted $0.13 earnings per share. Approach Resources’s revenue was up 73.7% compared to the same quarter last year. On average, analysts predict that Approach Resources will post $0.92 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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