Seaport Global Securities Research Analysts Decrease Earnings Estimates for Approach Resources Inc. (AREX)
Approach Resources Inc. (NASDAQ:AREX) – Seaport Global Securities lowered their FY2017 earnings estimates for shares of Approach Resources in a research note issued on Tuesday. Seaport Global Securities analyst M. Kelly now anticipates that the energy company will post earnings of ($0.41) per share for the year, down from their prior forecast of ($0.40). Seaport Global Securities also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.10) EPS, Q1 2018 earnings at ($0.11) EPS, Q3 2018 earnings at ($0.10) EPS and FY2018 earnings at ($0.41) EPS.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.02). The business 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%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.25) earnings per share.
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Several other equities analysts have also issued reports on AREX. Zacks Investment Research raised Approach Resources from a “strong sell” rating to a “hold” rating in a research note on Monday. Scotiabank set a $3.00 price objective on Approach Resources and gave the company a “hold” rating in a report on Saturday, July 1st. ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Robert W. Baird reiterated a “hold” rating and issued a $4.00 price objective on shares of Approach Resources in a report on Tuesday, September 26th. Finally, Imperial Capital assumed coverage on Approach Resources in a report on Friday, August 18th. They issued an “in-line” rating and a $2.50 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Approach Resources has an average rating of “Hold” and an average price target of $3.25.
Approach Resources (NASDAQ:AREX) traded down 3.48% during trading on Thursday, hitting $2.22. 112,232 shares of the stock traded hands. The company’s 50 day moving average price is $2.53 and its 200-day moving average price is $2.65. The stock’s market cap is $191.67 million. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.33.
A number of institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its stake in Approach Resources by 2.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 105,432 shares of the energy company’s stock worth $355,000 after acquiring an additional 2,703 shares during the period. Parametric Portfolio Associates LLC increased its stake in Approach Resources by 14.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after acquiring an additional 6,781 shares during the period. Edge Wealth Management LLC increased its stake in Approach Resources by 25.0% during the 2nd quarter. Edge Wealth Management LLC now owns 50,000 shares of the energy company’s stock worth $161,000 after acquiring an additional 10,000 shares during the period. Virtu KCG Holdings LLC increased its stake in Approach Resources by 182.8% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after acquiring an additional 20,705 shares during the period. Finally, California Public Employees Retirement System increased its stake in Approach Resources by 2.2% during the 2nd quarter. California Public Employees Retirement System now owns 1,274,300 shares of the energy company’s stock worth $4,294,000 after acquiring an additional 27,600 shares during the period. Hedge funds and other institutional investors own 24.33% 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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