The short interest in Approach Resources (NASDAQ:AREX) has increased from 7,426,986 on May 31,2016 to 7,965,805 on June 15,2016. The change was measured at 538,819 shares or 7.3%. The leftover shorts were 22% of the floated shares. The days to cover are 11, given the average daily volume of 730,082 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Approach Resources (NASDAQ:AREX): The stock opened at $2.39 on Friday but the bulls could not build on the opening and the stock topped out at $2.45 for the day. The stock traded down to $2.25 during the day, due to lack of any buying support eventually closed down at $2.32 with a loss of -8.84% for the day. The stock had closed at $2.55 on the previous day. The total traded volume was 4,375,785 shares.
The company shares have dropped -65.32% from its 1 Year high price. On Jul 1, 2015, the shares registered one year high at $6.95 and the one year low was seen on Feb 25, 2016. The 50-Day Moving Average price is $2.50 and the 200 Day Moving Average price is recorded at $1.70.
Stocks of Approach Resources (NASDAQ:AREX) rallied by 2.65% during the past week but lost 14.39% on a 4-week basis. The company has outperformed the S&P 500 by 4.36% in the past week but underperformed the index by 11.8% in the last 4 weeks.
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.