Approach Resources (AREX) : Traders are bullish on Approach Resources (AREX) as it has outperformed the S&P 500 by a wide margin of 49.97% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 13.1%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 13.06% in the last 1 week, and is up 50.54% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Approach Resources, Inc. is up 8.2% in the last 3-month period. Year-to-Date the stock performance stands at 50.54%. The stock has recorded a 20-day Moving Average of 43.71% and the 50-Day Moving Average is 34.64%.
Approach Resources (NASDAQ:AREX): The stock opened at $2.95 on Friday but the bulls could not build on the opening and the stock topped out at $3.00 for the day. The stock traded down to $2.72 during the day, due to lack of any buying support eventually closed down at $2.77 with a loss of -5.78% for the day. The stock had closed at $2.94 on the previous day. The total traded volume was 1,294,702 shares.
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.