Zacks: Analysts Anticipate Approach Resources Inc. (NASDAQ:AREX) Will Announce Earnings of -$0.08 Per Share
Brokerages expect that Approach Resources Inc. (NASDAQ:AREX) will announce earnings of ($0.08) per share for the current quarter, Zacks reports. Four analysts have made estimates for Approach Resources’ earnings, with estimates ranging from ($0.09) to ($0.08). Approach Resources posted earnings of ($0.25) per share during the same quarter last year, which indicates a positive year over year growth rate of 68%. The firm is expected to issue its next quarterly earnings results after the market closes on Wednesday, August 2nd.
On average, analysts expect that Approach Resources will report full year earnings of ($0.35) per share for the current financial year, with EPS estimates ranging from ($0.39) to ($0.33). For the next year, analysts forecast that the firm will report earnings of ($0.32) per share, with EPS estimates ranging from ($0.43) to ($0.23). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $26.40 million for the quarter, compared to analyst estimates of $25.96 million. Approach Resources had a negative return on equity of 6.87% and a negative net margin of 181.09%. The firm’s revenue was up 50.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.32) EPS.
AREX has been the subject of a number of recent research reports. Zacks Investment Research downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Scotiabank set a $3.00 price objective on Approach Resources and gave the company a “hold” rating in a research note on Saturday, July 1st. ValuEngine raised Approach Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Seaport Global Securities lowered Approach Resources from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.00 to $0.50 in a research note on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $3.20.
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In related news, Director Vean J. Gregg III acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The shares were purchased at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the acquisition, the director now owns 131,749 shares in the company, valued at $395,247. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Wilks Brothers, Llc acquired 88,000 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was bought at an average price of $2.72 per share, for a total transaction of $239,360.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 2,861,000 shares of company stock worth $7,860,650. Company insiders own 7.80% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Columbia Pacific Advisors LLC bought a new position in Approach Resources during the first quarter valued at approximately $321,000. Segantii Capital Management Ltd increased its position in Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock valued at $121,000 after buying an additional 40,800 shares in the last quarter. United Services Automobile Association bought a new position in Approach Resources during the first quarter valued at approximately $1,039,000. Spark Investment Management LLC increased its position in Approach Resources by 73.7% in the first quarter. Spark Investment Management LLC now owns 570,900 shares of the energy company’s stock valued at $1,432,000 after buying an additional 242,300 shares in the last quarter. Finally, Schroder Investment Management Group bought a new position in Approach Resources during the first quarter valued at approximately $174,000. Hedge funds and other institutional investors own 25.64% of the company’s stock.
Approach Resources (AREX) opened at 3.00 on Monday. The company’s 50 day moving average price is $2.87 and its 200-day moving average price is $2.78. The firm’s market capitalization is $211.23 million. Approach Resources has a 12-month low of $1.35 and a 12-month high of $4.35.
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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