Approach Resources Inc. (NASDAQ:AREX) – Seaport Global Securities dropped their Q2 2017 earnings estimates for Approach Resources in a report released on Wednesday. Seaport Global Securities analyst M. Kelly now anticipates that the energy company will post earnings per share of ($0.08) for the quarter, down from their prior estimate of ($0.07). Seaport Global Securities currently has a “Sell” rating and a $0.50 price objective on the stock. Seaport Global Securities also issued estimates for Approach Resources’ Q3 2017 earnings at ($0.10) EPS, Q4 2017 earnings at ($0.10) EPS, FY2017 earnings at ($0.39) EPS, Q1 2018 earnings at ($0.12) EPS, Q2 2018 earnings at ($0.11) EPS, Q3 2018 earnings at ($0.10) EPS, Q4 2018 earnings at ($0.10) EPS and FY2018 earnings at ($0.43) EPS.

Approach Resources (NASDAQ:AREX) last announced its earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $26.40 million for the quarter, compared to analysts’ expectations of $25.96 million. Approach Resources had a negative net margin of 181.09% and a negative return on equity of 6.87%. The business’s revenue was up 50.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.32) EPS.

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Earnings History and Estimates for Approach Resources (NASDAQ:AREX)

A number of other research firms have also weighed in on AREX. Scotiabank restated a “hold” rating and set a $3.25 price target on shares of Approach Resources in a research report on Tuesday, May 16th. Zacks Investment Research lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Friday, May 19th. ValuEngine lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 1st. Finally, KLR Group restated a “buy” rating and set a $4.00 price target (down from $4.25) on shares of Approach Resources in a research report on Tuesday, March 14th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $3.25.

Shares of Approach Resources (NASDAQ AREX) opened at 2.37 on Friday. The stock’s market capitalization is $166.87 million. The stock’s 50 day moving average is $2.69 and its 200 day moving average is $2.86. Approach Resources has a 12 month low of $1.35 and a 12 month high of $4.35.

Institutional investors have recently modified their holdings of the company. First Manhattan Co. increased its position in shares of Approach Resources by 136.1% in the first quarter. First Manhattan Co. now owns 3,664,779 shares of the energy company’s stock worth $12,386,000 after buying an additional 2,112,371 shares during the period. Vanguard Group Inc. increased its position in shares of Approach Resources by 10.4% in the first quarter. Vanguard Group Inc. now owns 1,611,388 shares of the energy company’s stock worth $4,044,000 after buying an additional 152,235 shares during the period. Marathon Asset Management LP increased its position in shares of Approach Resources by 9.3% in the first quarter. Marathon Asset Management LP now owns 1,170,382 shares of the energy company’s stock worth $2,937,000 after buying an additional 100,000 shares during the period. Boston Partners increased its position in shares of Approach Resources by 41.2% in the first quarter. Boston Partners now owns 1,150,617 shares of the energy company’s stock worth $2,888,000 after buying an additional 335,810 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock worth $1,773,000 after buying an additional 577,368 shares during the period. 25.32% of the stock is currently owned by institutional investors.

In other news, major shareholder Wilks Brothers, Llc bought 100,000 shares of Approach Resources stock in a transaction on Tuesday, June 20th. The shares were bought at an average cost of $2.56 per share, with a total value of $256,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vean J. Gregg III bought 10,000 shares of Approach Resources stock in a transaction on Wednesday, May 10th. The shares were purchased at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the purchase, the director now directly owns 131,749 shares of the company’s stock, valued at $395,247. The disclosure for this purchase can be found here. Insiders have acquired 2,761,000 shares of company stock worth $7,618,650 over the last ninety days. 7.80% of the stock is owned by insiders.

About Approach Resources

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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