Approach Resources Inc. (NASDAQ:AREX) – Equities research analysts at Seaport Global Securities lowered their FY2017 earnings per share (EPS) estimates for shares of Approach Resources in a research note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now anticipates that the energy company will post earnings per share of ($0.38) for the year, down from their prior forecast of ($0.37). Seaport Global Securities also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.08) EPS, Q2 2018 earnings at ($0.05) EPS, Q4 2018 earnings at ($0.06) EPS and FY2018 earnings at ($0.22) EPS.
AREX has been the topic of a number of other research reports. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research note on Tuesday, October 31st. BidaskClub upgraded Approach Resources from a “hold” rating to a “buy” rating in a research note on Thursday, January 11th. Scotiabank restated a “hold” rating and set a $3.00 price target on shares of Approach Resources in a research note on Wednesday, November 22nd. KeyCorp restated a “hold” rating on shares of Approach Resources in a research note on Monday, November 13th. Finally, ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $3.08.
Several hedge funds have recently made changes to their positions in AREX. Schwab Charles Investment Management Inc. acquired a new stake in shares of Approach Resources in the 2nd quarter valued at approximately $252,000. Rhumbline Advisers acquired a new stake in shares of Approach Resources in the 2nd quarter valued at approximately $157,000. Bank of New York Mellon Corp lifted its holdings in shares of Approach Resources by 412.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 195,714 shares of the energy company’s stock valued at $660,000 after buying an additional 157,534 shares during the period. Teachers Advisors LLC acquired a new stake in shares of Approach Resources in the 2nd quarter valued at approximately $562,000. Finally, TIAA CREF Investment Management LLC acquired a new stake in shares of Approach Resources in the 2nd quarter valued at approximately $699,000. Institutional investors own 23.53% of the company’s stock.
In related news, major shareholder Wilks Brothers, Llc bought 200,000 shares of the stock in a transaction on Monday, December 4th. The shares were bought at an average cost of $2.39 per share, for a total transaction of $478,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders acquired a total of 4,089,398 shares of company stock worth $11,804,970 over the last quarter. Company insiders own 5.10% of the company’s stock.
WARNING: This article was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this article on another publication, it was illegally copied and republished in violation of US & international copyright & trademark law. The original version of this article can be viewed at https://www.americanbankingnews.com/2018/02/07/seaport-global-securities-comments-on-approach-resources-inc-s-fy2017-earnings-arex-2.html.
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.
Receive News & Ratings for Approach Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Approach Resources and related companies with MarketBeat.com's FREE daily email newsletter.