Approach Resources (AREX) stock is expected to deviate a maximum of $3.9 from the average target price of $4.25 for the short term period. 6 Street Experts have initiated coverage on the stock with the most promising target being $12 and the most muted being $2.
Approach Resources (AREX) : 1 Analyst considers the fundamentals to be worthy of a Buy recommendation. 6 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Approach Resources (AREX). Zacks Investment Research suggests a Hold with a rank of 3. 2 others believe that the stock has run up ahead of its fundamentals and advise a Strong Sell on the stock.The median of all the 9 Wall Street Analysts endorse the stock as a Hold with a rating of 3.33.
Approach Resources (NASDAQ:AREX): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $3.14 and $3.14 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $3.65. The buying momentum continued till the end and the stock did not give up its gains. It closed at $3.38, notching a gain of 1.81% for the day. The total traded volume was 1,359,914 . The stock had closed at $3.32 on the previous day.
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.