Approach Resources Price Target Cut to $24.00 by Analysts at Global Hunter Securities (AREX)
Equities research analysts at Global Hunter Securities lowered their price target on shares of Approach Resources (NASDAQ:AREX) from $26.00 to $24.00 in a research note issued to investors on Tuesday. Global Hunter Securities’ price objective indicates a potential upside of 34.68% from the company’s current price.
A number of other analysts have also recently weighed in on AREX. Analysts at Howard Weil downgraded shares of Approach Resources from a “sector outperform” rating to a “sector perform” rating in a research note on Wednesday, August 6th. They now have a $28.00 price target on the stock, down previously from $34.00. Separately, analysts at Robert W. Baird downgraded shares of Approach Resources from an “outperform” rating to a “neutral” rating in a research note on Wednesday, August 6th. They now have a $23.00 price target on the stock, down previously from $30.00. Finally, analysts at Mizuho cut their price target on shares of Approach Resources from $21.00 to $20.00 in a research note on Tuesday, August 5th. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. Approach Resources currently has a consensus rating of “Hold” and a consensus price target of $27.00.
Approach Resources (NASDAQ:AREX) traded down 1.46% on Tuesday, hitting $17.56. 1,360,380 shares of the company’s stock traded hands. Approach Resources has a 52-week low of $17.30 and a 52-week high of $31.67. The stock has a 50-day moving average of $21.27 and a 200-day moving average of $20.65. The company has a market cap of $691.3 million and a price-to-earnings ratio of 9.78.
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 $0.89 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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