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Approach Resources (NASDAQ:AREX) shares hit a new 52-week low during trading on Tuesday , Stock Ratings News reports. The company traded as low as $17.20 and last traded at $17.24, with a volume of 635,578 shares trading hands. The stock had previously closed at $17.88.

A number of analysts have recently weighed in on AREX shares. 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 research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $27.00.

The stock has a 50-day moving average of $19.58 and a 200-day moving average of $20.43. The company has a market cap of $674.8 million and a P/E ratio of 9.81.

Approach Resources (NASDAQ:AREX) last released its earnings data on Monday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 73.7% on a year-over-year basis. Analysts expect that Approach Resources will post $0.87 EPS 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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