Approach Resources (AREX) was Reiterated by Wunderlich to “Hold” according to the research note released today. The brokerage firm has raised the Price Target to $ 3 from a previous price target of $1.50 . Wunderlich advised their investors in a research report released on May 24, 2016.
On the company’s financial health, Approach Resources reported $-0.32 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 4, 2016. Analyst had a consensus of $-0.33. The company had revenue of $17.60 million for the quarter, compared to analysts expectations of $21.92 million. The company’s revenue was down -47.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.03 EPS.
Approach Resources opened for trading at $2.44 and hit $2.6 on the upside on Friday, eventually ending the session at $2.56, with a gain of 7.11% or 0.17 points. The heightened volatility saw the trading volume jump to 3,00,446 shares. Company has a market cap of $106 M.
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 Company’s 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.