Approach Resources (AREX) : 10 analysts are covering Approach Resources (AREX) and their average rating on the stock is 3.5, which is read as a Hold. Approach Resources (AREX) also receives 1 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. However, 3 analysts consider that the stock has more downward risks ahead, hence, they suggest a Strong Sell on the stock. A total of 6 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.
Approach Resources (AREX) stock is expected to deviate a maximum of $3.61 from the average target price of $3.93 for the short term period. 7 Street Experts have initiated coverage on the stock with the most promising target being $12 and the most muted being $2.
Company shares have received an average consensus rating of Hold for the current week
Approach Resources (NASDAQ:AREX): During Tuesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $2.05 and $2.05 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $2.26. The buying momentum continued till the end and the stock did not give up its gains. It closed at $2.14, notching a gain of 10.88% for the day. The total traded volume was 1,396,439 . The stock had closed at $1.93 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.