Approach Resources Sets New 52-Week Low on Analyst Downgrade (AREX)
Shares of Approach Resources (NASDAQ:AREX) reached a new 52-week low on Wednesday after Howard Weil lowered their price target on the stock from $34.00 to $28.00, AnalystRatings.NET reports. Howard Weil currently has a sector perform rating on the stock. Approach Resources traded as low as $17.53 and last traded at $17.58, with a volume of 639,691 shares. The stock had previously closed at $18.00.
A number of other analysts have also recently weighed in on AREX. Analysts at Robert W. Baird downgraded shares of Approach Resources from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $23.00 price target on the stock, down previously from $30.00. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. Approach Resources currently has a consensus rating of “Hold” and an average price target of $26.74.
The stock has a 50-day moving average of $21.76 and a 200-day moving average of $20.73. The company has a market cap of $692.1 million and a P/E ratio of 9.87.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Monday, August 4th. The company reported $0.22 EPS for the quarter, missing the Thomson Reuters 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 in the prior year, the company posted $0.13 earnings per share. The company’s quarterly revenue was up 73.7% on a year-over-year basis. On average, analysts predict that Approach Resources will post $0.91 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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