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NEW YORK ( TheStreet) -- Approach Resources (Nasdaq: AREX) hit a new 52-week high Friday as it is currently trading at $38.19, above its previous 52-week high of $38 with 59,674 shares traded as of 9:35 a.m. ET. Average volume has been 533,500 shares over the past 30 days. Approach has a market cap of $976.1 million and is part of the basic materials sector and energy industry. Shares are up 28.4% year to date as of the close of trading on Thursday. 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 62.6, above the average energy industry P/E ratio of 59.2 and above the S&P 500 P/E ratio of 17.7.