Wall Street analysts expect that Approach Resources Inc. (NASDAQ:AREX) will report earnings per share (EPS) of ($0.06) for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Approach Resources’ earnings, with the lowest EPS estimate coming in at ($0.07) and the highest estimate coming in at ($0.04). Approach Resources reported earnings per share of ($0.11) in the same quarter last year, which suggests a positive year-over-year growth rate of 45.5%. The company is scheduled to announce its next earnings results on Thursday, May 3rd.
According to Zacks, analysts expect that Approach Resources will report full year earnings of ($0.24) per share for the current financial year, with EPS estimates ranging from ($0.32) to ($0.17). For the next financial year, analysts expect that the business will report earnings of ($0.12) per share. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Thursday, March 8th. The energy company reported ($0.07) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.07). Approach Resources had a negative return on equity of 5.33% and a negative net margin of 106.65%. The firm had revenue of $28.40 million during the quarter, compared to analyst estimates of $28.08 million. During the same period last year, the company posted ($0.27) EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year.
In related news, major shareholder Wilks Brothers, Llc acquired 200,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were acquired at an average cost of $2.57 per share, with a total value of $514,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have bought 3,150,000 shares of company stock valued at $9,500,000. 5.10% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund bought a new position in shares of Approach Resources in the 2nd quarter valued at approximately $154,000. Millennium Management LLC raised its stake in shares of Approach Resources by 163.3% in the 4th quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock valued at $167,000 after acquiring an additional 34,939 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Approach Resources by 14.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock valued at $180,000 after acquiring an additional 6,781 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Approach Resources by 437.9% in the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after acquiring an additional 52,990 shares in the last quarter. Finally, California State Teachers Retirement System bought a new position in shares of Approach Resources in the 2nd quarter valued at approximately $257,000. 31.30% of the stock is currently owned by institutional investors and hedge funds.
Shares of Approach Resources (NASDAQ AREX) traded up $0.10 during midday trading on Wednesday, reaching $2.68. The company’s stock had a trading volume of 606,046 shares, compared to its average volume of 627,063. The firm has a market cap of $247.15, a price-to-earnings ratio of -1.59 and a beta of 2.72. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.41. Approach Resources has a 12-month low of $1.95 and a 12-month high of $4.21.
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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.
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