NEW YORK ( TheStreet) -- Approach Resources (Nasdaq: AREX) is trading at unusually high volume Wednesday with 2.4 million shares changing hands. It is currently at 4.2 times its average daily volume and trading up 64 cents (+2.2%) at $29.64 as of 12:45 p.m. ET.

Approach has a market cap of $816.5 million and is part of the basic materials sector and energy industry. Shares are up 28.3% year to date as of the close of trading on Tuesday.

Approach Resources Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and gas properties in the United States. The company has a P/E ratio of 51.7, above the average energy industry P/E ratio of 49.5 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Approach as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing. You can view the full Approach Ratings Report.

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