Approach Resources (AREX) has been under a strong bear grip, hence the stock is down -4.54% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 19.24% in the past 1 week. The stock has risen by 19.44% in the past week indicating that the buyers are active at lower levels, but the stock is down -5.06% in the past 4 weeks.
The stock has recorded a 20-day Moving Average of 4.4% and the 50-Day Moving Average is 27.79%.The 200 Day SMA reached 71.75%
Approach Resources (NASDAQ:AREX): The stock opened in the green at $3.47 on Friday, but the bulls found it difficult to push the prices higher. The stock reached a high of $3.59 and a low of $3.3 for the day. The stock did not find buyers even at the lows and closed at $3.38 recording a loss of -1.74%. 1,872,204 shares exchanged hands during the trading day. The stock had closed at $3.38 in the previous days trading.
Approach Resources (AREX) : 6 Wall Street analysts covering Approach Resources (AREX) believe that the average level the stock could reach for the short term is $4.25. The maximum price target given is $12 and the minimum target for short term is around $2, hence the standard deviation is calculated at $3.9.
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.