Zacks: Analysts Anticipate Approach Resources Inc. (NASDAQ:AREX) Will Announce Quarterly Sales of $26.12 Million
Analysts expect that Approach Resources Inc. (NASDAQ:AREX) will report $26.12 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Approach Resources’ earnings. The lowest sales estimate is $25.50 million and the highest is $27.10 million. Approach Resources reported sales of $22.43 million in the same quarter last year, which indicates a positive year over year growth rate of 16.5%. The business is scheduled to announce its next earnings results after the market closes on Wednesday, August 2nd.
According to Zacks, analysts expect that Approach Resources will report full-year sales of $26.12 million for the current fiscal year, with estimates ranging from $102.80 million to $112.50 million. For the next financial year, analysts forecast that the firm will post sales of $114.56 million per share, with estimates ranging from $100.00 million to $130.70 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.11). Approach Resources had a negative net margin of 181.09% and a negative return on equity of 6.87%. The business had revenue of $26.40 million for the quarter, compared to analysts’ expectations of $25.96 million. During the same quarter last year, the firm earned ($0.32) EPS. The firm’s revenue for the quarter was up 50.0% compared to the same quarter last year.
A number of brokerages have weighed in on AREX. Scotiabank set a $3.00 price objective on shares of Approach Resources and gave the stock a “hold” rating in a report on Saturday, May 6th. ValuEngine upgraded shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research cut shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Seaport Global Securities cut shares of Approach Resources from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $3.00 to $0.50 in a report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $3.20.
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Shares of Approach Resources (NASDAQ:AREX) traded up 2.33% during trading on Wednesday, reaching $3.08. 515,596 shares of the company traded hands. Approach Resources has a 12-month low of $1.35 and a 12-month high of $4.35. The stock’s market capitalization is $216.86 million. The firm’s 50 day moving average is $2.89 and its 200-day moving average is $2.76.
In other news, insider Wilks Brothers, Llc bought 100,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were purchased at an average price of $2.42 per share, for a total transaction of $242,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vean J. Gregg III bought 10,000 shares of the company’s stock in a transaction dated Wednesday, May 10th. The stock was purchased at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the purchase, the director now owns 131,749 shares of the company’s stock, valued at approximately $395,247. 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. Insiders own 7.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AREX. 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 valued at $12,386,000 after buying an additional 2,112,371 shares in the last quarter. 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 valued at $1,773,000 after buying an additional 577,368 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Approach Resources during the first quarter valued at about $1,039,000. 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 valued at $2,888,000 after buying an additional 335,810 shares in the last quarter. Finally, Spark Investment Management LLC increased its position in shares of 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. Hedge funds and other institutional investors own 25.64% of the company’s stock.
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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