Approach Resources Inc. (NASDAQ:AREX) has been downgraded to Hold in a statement by Zacks Investment Research earlier today.
- Updated: November 29, 2016
Boasting a price of $3.05, Approach Resources Inc. (NASDAQ:AREX) traded -1.64% lower on the day. With the last stock price close up 12.69% from the two hundred day average, compared with the S&P 500 Index which has decreased -0.03% over the date range. Approach Resources Inc. has recorded a 50-day average of $3.03 and a two hundred day average of $2.66. Volume of trade was down over the average, with 1,037,438 shares of AREX changing hands under the typical 1,398,940
Zacks Investment Research has downgraded Approach Resources Inc. (NASDAQ:AREX) to Hold in a statement released on 11/29/2016.
With a total market value of $0, Approach Resources Inc. has with a one year low of $0.60 and a one year high of $4.35 .
A total of 8 equity analysts have released a ratings update on AREX. One equity analyst rating the company a strong buy, two equity analysts rating the company a buy, nine equity analysts rating the company a hold, one equity analyst rating the company a underperform, and finally one equity analyst rating the company a sell with a one year target of $1.41.
Brief Synopsis About Approach Resources Inc. (NASDAQ:AREX)
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. The Company's assets cover an area of approximately 126,000 net acres. Its proved reserves are approximately 166.6 million barrels of oil equivalent. The Company's proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Company's Permian Basin acreage is known as the Project Pangea. The Company owns and operates approximately 800 producing oil and gas wells in the Permian Basin. The Company, through a joint venture with EnCana Oil & Gas (USA) Inc., holds interests in the approximately 3,000 gross acre project in Limestone and Robertson Counties, Texas, in the East Texas Cotton Valley trend.
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