Approach Resources (NASDAQ: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 (NASDAQ:AREX). Zacks Investment Research suggests a Hold with a rank of 3. 3 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 10 Wall Street Analysts endorse the stock as a Hold with a rating of 3.5.
Approach Resources (NASDAQ:AREX) : 7 Wall Street analysts covering Approach Resources (NASDAQ:AREX) believe that the average level the stock could reach for the short term is $3.86. The maximum price target given is $12 and the minimum target for short term is around $2, hence the standard deviation is calculated at $3.63.
Company shares have received an average consensus rating of Hold for the current week
Approach Resources (NASDAQ:AREX): stock turned positive on Tuesday. Though the stock opened at $2.06, the bulls momentum made the stock top out at $2.21 level for the day. The stock recorded a low of $2.04 and closed the trading day at $2.04, in the green by 4.62%. The total traded volume for the day was 857,276. The stock had closed at $1.95 in the previous days trading.
In an insider trading activity, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Approach Resources Inc, Gregg Vean J. Iii, had purchased 10,000 shares in a transaction dated on November 13, 2014. The transaction was executed at $11.88 per share with total amount equaling $118,800.
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.