Analysts Expect Approach Resources Inc. (NASDAQ:AREX) Will Announce Quarterly Sales of $25.87 Million
Equities analysts expect Approach Resources Inc. (NASDAQ:AREX) to report sales of $25.87 million for the current quarter, Zacks reports. Four analysts have made estimates for Approach Resources’ earnings, with the highest sales estimate coming in at $27.20 million and the lowest estimate coming in at $24.30 million. Approach Resources posted sales of $23.75 million in the same quarter last year, which suggests a positive year over year growth rate of 8.9%. The company is expected to issue its next earnings report on Wednesday, November 1st.
On average, analysts expect that Approach Resources will report full-year sales of $25.87 million for the current year, with estimates ranging from $102.50 million to $109.95 million. For the next financial year, analysts anticipate that the business will post sales of $108.91 million per share, with estimates ranging from $102.20 million to $120.05 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.02. The company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. Approach Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) EPS.
A number of equities research analysts have recently issued reports on AREX shares. Scotiabank restated a “hold” rating and issued a $3.25 price target on shares of Approach Resources in a research report on Tuesday, May 16th. Zacks Investment Research upgraded Approach Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. ValuEngine upgraded Approach Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. BidaskClub lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Seaport Global Securities lowered Approach Resources from a “neutral” rating to a “sell” rating and dropped their price target for the company from $3.00 to $0.50 in a research report on Wednesday, June 21st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $3.20.
Shares of Approach Resources (NASDAQ:AREX) opened at 2.43 on Friday. The company’s market capitalization is $209.81 million. Approach Resources has a 52 week low of $1.93 and a 52 week high of $4.35. The company’s 50 day moving average price is $2.95 and its 200-day moving average price is $2.74.
In other Approach Resources news, insider Wilks Brothers, Llc acquired 150,000 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was bought at an average cost of $3.03 per share, for a total transaction of $454,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 2,651,000 shares of company stock valued at $7,268,650 over the last quarter. 7.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Virtu KCG Holdings LLC raised its position in Approach Resources by 182.8% in the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after buying an additional 20,705 shares in the last quarter. Segantii Capital Management Ltd raised 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. Kornitzer Capital Management Inc. KS purchased a new position in Approach Resources during the second quarter valued at approximately $124,000. New York State Common Retirement Fund purchased a new position in Approach Resources during the second quarter valued at approximately $154,000. Finally, Rhumbline Advisers purchased a new position in Approach Resources during the second quarter valued at approximately $157,000. Institutional investors own 24.49% 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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