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Approach Resources (NASDAQ:AREX) shares were down 11.8% during trading on Tuesday following a weaker than expected earnings announcement, Analyst RN reports. The stock traded as low as $17.75 and last traded at $18.39, with a volume of 2,766,109 shares. The stock had previously closed at $20.84.

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.

AREX has been the subject of a number of recent research reports. Analysts at Mizuho cut their price target on shares of Approach Resources from $21.00 to $20.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $27.25.

The stock’s 50-day moving average is $21.8 and its 200-day moving average is $20.74. The company has a market cap of $709.1 million and a P/E ratio of 10.78.

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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