Approach Resources (AREX) has risen sharply, recording gains of 7.58% in the past 4 weeks. However, the stock has corrected -16.53% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 9.8% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 9.01% and the 50-Day Moving Average is 20.99%.The 200 Day SMA reached 55.79% Approach Resources, Inc. is up 31.86% in the last 3-month period. Year-to-Date the stock performance stands at 61.96%.
Approach Resources (AREX) : Currently there are 6 street experts covering Approach Resources (AREX) stock. The most bullish and bearish price target for the stock is $12 and $2 respectively for the short term. The average price target of all the analysts comes to $4.25. The estimated standard deviation from the target is $3.9.
Company shares have received an average consensus rating of Hold for the current week Approach Resources (NASDAQ:AREX): stock was range-bound between the intraday low of $2.87 and the intraday high of $3.05 after having opened at $2.93 on Fridays session. The stock finally closed in the red at $2.93, a loss of -0.33%. The stock remained in the red for the whole trading day. The total traded volume was 1,238,003 shares. The stock failed to cross $3.05 in Fridays trading. The stocks closing price on Thursday was $2.98.
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.