Approach Resources Inc. (AREX) Expected to Post Quarterly Sales of $26.38 Million
Wall Street analysts forecast that Approach Resources Inc. (NASDAQ:AREX) will post sales of $26.38 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Approach Resources’ earnings. The highest sales estimate is $29.02 million and the lowest is $24.10 million. Approach Resources reported sales of $26.51 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.5%. The company is expected to announce its next quarterly earnings results on Thursday, March 8th.
On average, analysts expect that Approach Resources will report full-year sales of $26.38 million for the current year, with estimates ranging from $100.90 million to $107.18 million. For the next fiscal year, analysts anticipate that the firm will report sales of $106.56 million per share, with estimates ranging from $95.40 million to $117.45 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last released its earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The company had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million.
Several research analysts have weighed in on AREX shares. KeyCorp restated a “hold” rating on shares of Approach Resources in a report on Monday. Robert W. Baird reiterated a “hold” rating and issued a $4.00 target price on shares of Approach Resources in a research note on Tuesday, September 26th. Imperial Capital started coverage on shares of Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 target price for the company. Zacks Investment Research upgraded shares of Approach Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, October 23rd. Finally, BidaskClub lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $2.79.
Several institutional investors have recently made changes to their positions in AREX. Virtu KCG Holdings LLC raised its stake 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 purchasing an additional 20,705 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in shares of Approach Resources during the second quarter worth approximately $124,000. New York State Common Retirement Fund purchased a new position in shares of Approach Resources during the second quarter worth approximately $154,000. Rhumbline Advisers purchased a new position in shares of Approach Resources during the second quarter worth approximately $157,000. Finally, Edge Wealth Management LLC raised its stake in shares of Approach Resources by 25.0% during the second 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 in the last quarter. 23.71% of the stock is currently owned by hedge funds and other institutional investors.
Approach Resources (NASDAQ AREX) traded up $0.03 on Thursday, reaching $2.29. 183,400 shares of the company’s stock traded hands, compared to its average volume of 781,366. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41. Approach Resources has a 1 year low of $1.93 and a 1 year high of $4.33.
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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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