Brokerages Expect Approach Resources Inc. (AREX) to Post -$0.10 Earnings Per Share
Wall Street brokerages expect Approach Resources Inc. (NASDAQ:AREX) to announce earnings of ($0.10) per share for the current quarter, according to Zacks. Five analysts have made estimates for Approach Resources’ earnings. The lowest EPS estimate is ($0.11) and the highest is ($0.09). Approach Resources reported earnings of ($0.23) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 56.5%. The firm is expected to report its next earnings report 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 financial year, analysts expect that the company will post earnings of ($0.35) per share, with EPS estimates ranging from ($0.43) to ($0.28). Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover Approach Resources.
Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The firm had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $25.86 million. During the same period in the prior year, the business earned ($0.25) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year.
AREX has been the subject of a number of analyst reports. ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Imperial Capital assumed coverage on Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 price objective for the company. Zacks Investment Research raised shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Tuesday, September 19th. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $3.25.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AREX. Virtu KCG Holdings LLC grew its holdings 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 worth $108,000 after purchasing an additional 20,705 shares during the last quarter. Segantii Capital Management Ltd grew its holdings 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 worth $121,000 after purchasing an additional 40,800 shares during the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in Approach Resources in the second quarter worth $124,000. New York State Common Retirement Fund purchased a new position in Approach Resources in the second quarter worth $154,000. Finally, Rhumbline Advisers purchased a new position in Approach Resources in the second quarter worth $157,000. 24.34% of the stock is currently owned by institutional investors and hedge funds.
Approach Resources (AREX) traded up 3.69% during mid-day trading on Thursday, reaching $2.53. The company’s stock had a trading volume of 265,384 shares. The company has a 50-day moving average price of $2.60 and a 200-day moving average price of $2.65. Approach Resources has a 12-month low of $1.93 and a 12-month high of $4.33. The firm’s market cap is $218.44 million.
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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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