Approach Resources Inc. (AREX) to Release Quarterly Earnings on Tuesday
Approach Resources Inc. (NASDAQ:AREX) is set to announce its earnings results after the market closes on Tuesday, August 1st. Analysts expect the company to announce earnings of ($0.08) per share for the quarter.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Thursday, May 4th. The energy company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). The firm had revenue of $26.40 million during 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 company’s revenue for the quarter was up 50.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.32) EPS. On average, analysts expect Approach Resources to post $-0.35 EPS for the current fiscal year and $-0.32 EPS for the next fiscal year.
Shares of Approach Resources Inc. (AREX) opened at 2.83 on Tuesday. The firm’s 50-day moving average price is $2.89 and its 200-day moving average price is $2.76. Approach Resources Inc. has a one year low of $1.35 and a one year high of $4.35. The company’s market capitalization is $199.26 million.
In other news, Director Vean J. Gregg III purchased 10,000 shares of Approach Resources stock in a transaction that occurred on Wednesday, May 10th. The stock was bought at an average price of $3.00 per share, with a total value of $30,000.00. Following the completion of the transaction, the director now directly owns 131,749 shares of the company’s stock, valued at $395,247. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Wilks Brothers, Llc purchased 88,000 shares of Approach Resources stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average cost of $2.72 per share, with a total value of $239,360.00. The disclosure for this purchase can be found here. Insiders have purchased 2,861,000 shares of company stock valued at $7,860,650 in the last three months. 7.80% of the stock is owned by insiders.
AREX has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the company a “hold” rating in a research note on Monday, March 27th. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Seaport Global Securities downgraded shares of Approach Resources from a “neutral” rating to a “sell” rating and decreased their target price for the company 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 given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $3.20.
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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