Brokerages Set Approach Resources Inc. (AREX) Target Price at $2.88
Approach Resources Inc. (NASDAQ:AREX) has earned an average rating of “Hold” from the nine analysts that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.88.
Several research firms have issued reports on AREX. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a research note on Monday, December 25th. Robert W. Baird reiterated a “hold” rating and set a $4.00 price objective on shares of Approach Resources in a research note on Tuesday, September 26th. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Finally, Scotiabank reiterated a “hold” rating and set a $3.00 price objective on shares of Approach Resources in a research note on Wednesday, November 22nd.
In other news, major shareholder Wilks Brothers, Llc bought 150,000 shares of Approach Resources stock in a transaction dated Wednesday, January 3rd. The shares were acquired at an average cost of $3.20 per share, with a total value of $480,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have bought 3,439,398 shares of company stock worth $9,444,470. Corporate insiders own 5.10% of the company’s stock.
Approach Resources (NASDAQ AREX) traded down $0.02 on Monday, reaching $3.16. 374,500 shares of the company’s stock traded hands, compared to its average volume of 615,353. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a 12 month low of $1.93 and a 12 month high of $3.56. The stock has a market capitalization of $271.67, a P/E ratio of -1.25 and a beta of 2.67.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The company had revenue of $25.61 million during the quarter, compared to the consensus estimate of $25.74 million. equities research analysts anticipate that Approach Resources will post -0.36 EPS for the current year.
Approach Resources Company Profile
Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.
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