Wall Street analysts forecast that Approach Resources Inc. (NASDAQ:AREX) will post earnings of ($0.06) per share for the current quarter, according to Zacks. Four analysts have issued estimates for Approach Resources’ earnings. The highest EPS estimate is ($0.04) and the lowest is ($0.07). Approach Resources posted earnings per share of ($0.11) in the same quarter last year, which would indicate a positive year over year growth rate of 45.5%. The business is expected to report its next quarterly earnings report on Thursday, May 3rd.
On average, analysts expect that Approach Resources will report full year earnings of ($0.24) per share for the current financial year, with EPS estimates ranging from ($0.32) to ($0.17). For the next financial year, analysts expect that the company will report earnings of ($0.12) per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Thursday, March 8th. The energy company reported ($0.07) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.07). The firm had revenue of $28.40 million for the quarter, compared to the consensus estimate of $28.08 million. Approach Resources had a negative return on equity of 5.33% and a negative net margin of 106.65%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.27) EPS.
AREX has been the topic of several recent research reports. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a report on Friday, January 12th. BidaskClub raised Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Scotiabank reaffirmed a “hold” rating and set a $3.00 target price on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $3.08.
In other Approach Resources news, major shareholder Wilks Brothers, Llc acquired 200,000 shares of the stock in a transaction dated Friday, December 15th. The stock was purchased at an average cost of $2.57 per share, with a total value of $514,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Over the last three months, insiders bought 3,150,000 shares of company stock valued at $9,500,000. Corporate insiders own 5.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kayne Anderson Capital Advisors LP bought a new position in shares of Approach Resources in the 4th quarter worth about $19,907,000. Vanguard Group Inc. raised its position in shares of Approach Resources by 21.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after acquiring an additional 347,986 shares in the last quarter. TIAA CREF Investment Management LLC bought a new position in shares of Approach Resources in the 2nd quarter worth about $699,000. Northern Trust Corp raised its position in shares of Approach Resources by 264.2% in the 2nd quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after acquiring an additional 404,580 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of Approach Resources in the 2nd quarter worth about $154,000. 31.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Approach Resources (NASDAQ AREX) traded up $0.10 on Wednesday, reaching $2.68. The company’s stock had a trading volume of 606,046 shares, compared to its average volume of 627,063. The firm has a market cap of $247.15, a P/E ratio of -1.59 and a beta of 2.72. Approach Resources has a 52-week low of $1.95 and a 52-week high of $4.21. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.41.
Approach Resources Company Profile
Approach Resources Inc is an independent energy company. The Company is focused on 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 business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.
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