Brokerages Anticipate Approach Resources Inc. (AREX) to Announce -$0.10 Earnings Per Share
Brokerages expect Approach Resources Inc. (NASDAQ:AREX) to post ($0.10) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Approach Resources’ earnings. The lowest EPS estimate is ($0.11) and the highest is ($0.09). Approach Resources posted earnings of ($0.23) per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 56.5%. The company is expected to announce its next earnings results on Wednesday, November 1st.
On average, analysts expect that Approach Resources will report full-year earnings of ($0.41) per share for the current financial year, with EPS estimates ranging from ($0.44) to ($0.39). For the next year, analysts forecast that the company will report earnings of ($0.35) per share, with EPS estimates ranging from ($0.43) to ($0.28). Zacks’ EPS averages are a mean average based on a survey of research analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The company had revenue of $24.97 million during the quarter, compared to analyst estimates of $25.86 million. During the same quarter in the prior year, the company earned ($0.25) EPS. The business’s revenue was up 11.3% on a year-over-year basis.
AREX has been the subject of several research analyst reports. Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Imperial Capital initiated coverage on shares of Approach Resources in a research report on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price for the company. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Seaport Global Securities downgraded shares of Approach Resources from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $3.08.
Approach Resources (NASDAQ AREX) opened at 2.68 on Friday. The firm has a 50-day moving average of $2.63 and a 200 day moving average of $2.63. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33. The firm’s market cap is $231.39 million.
In other Approach Resources news, insider Wilks Brothers, Llc purchased 100,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was acquired at an average cost of $2.42 per share, with a total value of $242,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought a total of 576,000 shares of company stock valued at $1,480,400 over the last ninety days. Company insiders own 7.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Virtu KCG Holdings LLC boosted its holdings in shares of Approach Resources by 182.8% in the 2nd 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 during the period. Kornitzer Capital Management Inc. KS acquired a new position in shares of Approach Resources in the 2nd quarter valued at about $124,000. New York State Common Retirement Fund acquired a new position in shares of Approach Resources in the 2nd quarter valued at about $154,000. Rhumbline Advisers acquired a new position in shares of Approach Resources in the 2nd quarter valued at about $157,000. Finally, Segantii Capital Management Ltd boosted its holdings in shares of Approach Resources by 536.8% in the 1st 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 during the period. 24.34% of the stock is owned by institutional investors and hedge funds.
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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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