Analysts Anticipate Approach Resources Inc. (AREX) to Post -$0.09 Earnings Per Share
Wall Street brokerages expect Approach Resources Inc. (NASDAQ:AREX) to announce earnings per share (EPS) of ($0.09) for the current quarter, Zacks reports. Five analysts have provided estimates for Approach Resources’ earnings, with the lowest EPS estimate coming in at ($0.11) and the highest estimate coming in at ($0.08). 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 60.9%. The firm is expected to announce its next quarterly earnings results after the market closes on Wednesday, November 1st.
On average, analysts expect that Approach Resources will report full year earnings of ($0.40) per share for the current financial year, with EPS estimates ranging from ($0.44) to ($0.36). For the next year, analysts forecast that the company will post earnings of ($0.34) per share, with EPS estimates ranging from ($0.40) to ($0.27). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, August 2nd. The energy company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $24.97 million for the quarter, compared to the consensus estimate of $25.86 million. During the same quarter last year, the business earned ($0.25) EPS. Approach Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year.
A number of equities research analysts have recently issued reports on the stock. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the stock a “hold” rating in a report on Saturday, July 1st. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. BidaskClub lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $4.00 target price on shares of Approach Resources in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $3.25.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in shares of Approach Resources in the first quarter valued at about $198,000. Janney Montgomery Scott LLC grew its holdings in shares of Approach Resources by 2.6% in the second quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock valued at $355,000 after purchasing an additional 2,703 shares during the period. United Services Automobile Association purchased a new stake in shares of Approach Resources in the first quarter valued at about $1,039,000. Balyasny Asset Management LLC purchased a new stake in shares of Approach Resources in the second quarter valued at about $910,000. Finally, Goldman Sachs Group Inc. grew its holdings 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 purchasing an additional 577,368 shares during the period. 24.33% of the stock is owned by hedge funds and other institutional investors.
Approach Resources (AREX) traded up 0.87% during trading on Tuesday, reaching $2.33. 258,269 shares of the company’s stock traded hands. Approach Resources has a one year low of $1.93 and a one year high of $4.33. The firm’s market capitalization is $201.17 million. The company has a 50-day moving average price of $2.55 and a 200 day moving average price of $2.65.
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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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