Approach Resources Inc. (AREX” target=”_new”>AREX) is one of the best performing stocks in the basic materials sector for companies listed on the New York Stock Exchange or NASDAQ exchange shortly after the opening bell on September 22. Shares of AREX” target=”_new”>AREX have climbed 4.0% about 30 minutes into the session to $3.04 after closing the day prior at $2.92. It’s early, but the stock has traded as high as $3.06 and as low as $2.98 so far. Today’s quick advance has come with about 159,853 shares changing hands, compared to an average 30-day volume of 1.92 million for Approach Resources Inc.. The price is currently below the 30-day volume weighted average price of $3.02 for AREX” target=”_new”>AREX.
The share appreciation gives the company a market capitalization of $121.51 million based upon 41.61 million shares outstanding. It also means that AREX has a price-to-book ratio of 0.21:1 and a price-to-earnings ratio of :1.
In the past 52 weeks, shares of AREX” target=”_new”>AREX have traded as low as $0.6012 and as high as $4.35. Technical traders will take note that at $3.04, shares of AREX” target=”_new”>AREX are trading above their 200-day MA at $1.93 and above their 50-day MA at $2.53. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is AREX?
Approach Resources Inc is an independent energy company. It is engaged in the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The company’s 102 employees are led by CEO J. Ross Craft from the corporate headquarters at 6500 West Freeway.
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