Zacks Investment Research downgraded Approach Resources Inc. (NASDAQ:AREX) to Sell in a statement released earlier today.
- Updated: October 11, 2016
Zacks Investment Research has downgraded Approach Resources Inc. (NASDAQ:AREX) to Sell in a statement released on 10/11/2016.
Previously on 05/24/2016, Wunderlich reported about Approach Resources Inc. (NASDAQ:AREX) upped the target price from $1.50 to $3.00. At the time, this indicated a possible upside of 0.16%.
Yesterday Approach Resources Inc. (NASDAQ:AREX) traded -3.91% lower at $3.44. Approach Resources Inc.’s 50-day moving average is $3.21 and its 200-day moving average is $2.40. With the last stock price up 43.11% from the 200-day moving average, compared with the S&P 500 Index which has decreased -0.01% over the date range. Trade Volume was down over the average, with 1,048,702 shares of AREX changing hands under the typical 1,370,690
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With a total market value of $0, Approach Resources Inc. has 52 week low of $0.60 and a 52 week high of $4.35 .
Also covering Approach Resources Inc.'s price target, a total of 8 brokers have issued a report on the company. The average stock price target is $1.41 with 1 firm rating the stock a strong buy, 2 equity analysts rating the company a buy, 9 brokerages rating the stock a hold, one analyst rating the stock a underperform, and finally 1 equity analyst rating the company a sell.
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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