Approach Resources (NASDAQ:AREX): The mean estimate for the short term price target for Approach Resources (NASDAQ:AREX) stands at $3.86 according to 7 Analysts. The higher price target estimate for the stock has been calculated at $12 while the lower price target estimate is at $2.
Company shares have received an average consensus rating of Hold for the current week
On the companys insider trading activities, Gregg Vean J. Iii, director of Approach Resources Inc, executed a transaction worth $118,800 on November 13, 2014. A total of 10,000 shares were purchased at an average price of $11.88. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.
Approach Resources (NASDAQ:AREX) stock ended Monday session in the red zone in a volatile trading. The stock closed down 0.09 points or 3.8% at $2.28 with 905,339 shares getting traded. Post opening the session at $2.35, the shares hit an intraday low of $2.26 and an intraday high of $2.38 and the price was in this range throughout the day. The company has a market cap of $95 million and the number of outstanding shares have been calculated to be 41,541,578 shares. The 52-week high of Approach Resources (NASDAQ:AREX) is $7.09 and the 52-week low is $0.6012.
Approach Resources Inc. is an independent energy company. The Company is engaged in the exploration, development, production and acquisition of oil and gas properties in the Midland Basin of the greater Permian Basin in West Texas. The Company focuses on finding and developing oil and natural gas reserves in oil shale and tight gas sands. The Company is developing resource potential from the Wolfcamp shale oil formation. The Companys additional drilling targets include the Clearfork, Canyon Sands, Strawn and Ellenburger zones. The Company refers its development project in the Permian Basin as Project Pangea, which includes Pangea West. The Company also owns interest in the East Texas Basin. The Company owns and operates approximately 729 producing oil and gas wells in the Permian Basin.