Zacks: Analysts Anticipate Approach Resources Inc. (AREX) Will Post Quarterly Sales of $28.41 Million

Wall Street brokerages forecast that Approach Resources Inc. (NASDAQ:AREX) will post sales of $28.41 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Approach Resources’ earnings. The lowest sales estimate is $24.90 million and the highest is $30.50 million. Approach Resources reported sales of $26.51 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7.2%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, March 8th.

On average, analysts expect that Approach Resources will report full year sales of $28.41 million for the current financial year, with estimates ranging from $101.80 million to $107.40 million. For the next financial year, analysts expect that the company will post sales of $122.31 million per share, with estimates ranging from $106.70 million to $136.53 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Approach Resources.

A number of research firms have recently commented on AREX. BidaskClub cut Approach Resources from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. Zacks Investment Research lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a research note on Friday, January 19th. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research note on Monday, November 13th. Finally, Scotiabank reaffirmed a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a research note on Wednesday, November 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $3.08.

In related news, major shareholder Wilks Brothers, Llc purchased 200,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were purchased at an average cost of $2.39 per share, with a total value of $478,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders purchased a total of 4,089,398 shares of company stock worth $11,804,970 over the last ninety days. 5.10% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in Approach Resources by 2.0% in the 4th quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock valued at $9,975,000 after buying an additional 67,260 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its stake in Approach Resources by 68.1% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after purchasing an additional 25,000 shares in the last quarter. California State Teachers Retirement System purchased a new position in Approach Resources in the 2nd quarter worth approximately $257,000. State Street Corp lifted its stake in Approach Resources by 2,151.6% in the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after purchasing an additional 469,552 shares in the last quarter. Finally, Balyasny Asset Management LLC purchased a new position in Approach Resources in the 2nd quarter worth approximately $910,000. 23.53% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Approach Resources (AREX) opened at $2.91 on Friday. Approach Resources has a 12-month low of $1.93 and a 12-month high of $4.21. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41.

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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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