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Approach Resources (NASDAQ:AREX) shares hit a new 52-week low during trading on Wednesday , Analyst Ratings Network.com reports. The company traded as low as $17.30 and last traded at $17.50, with a volume of 408,233 shares trading hands. The stock had previously closed at $17.51.

Several analysts have recently commented on the stock. Analysts at Global Hunter Securities cut their price target on shares of Approach Resources from $26.00 to $24.00 in a research note on Tuesday, August 12th. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $27.00.

The stock’s 50-day moving average is $20.47 and its 200-day moving average is $20.53. The company has a market cap of $686.8 million and a P/E ratio of 9.61.

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 $0.88 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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