Approach Resources (NASDAQ:AREX) announced its earnings results on Thursday. The energy company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.06, Fidelity Earnings reports. The business had revenue of $32.56 million during the quarter, compared to analyst estimates of $30.07 million. Approach Resources had a negative return on equity of 4.52% and a net margin of 18.38%.
Shares of AREX stock traded down $0.03 during mid-day trading on Friday, hitting $1.60. The company’s stock had a trading volume of 254,508 shares, compared to its average volume of 214,147. Approach Resources has a 52 week low of $1.46 and a 52 week high of $4.21. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64. The firm has a market cap of $154.01 million, a PE ratio of -4.44 and a beta of 2.72.
AREX has been the subject of several analyst reports. Zacks Investment Research lowered Approach Resources from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. KLR Group reissued a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a research report on Monday, August 20th. Six research analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and a consensus target price of $2.75.
A hedge fund recently raised its stake in Approach Resources stock. Bank of New York Mellon Corp lifted its holdings in Approach Resources Inc. (NASDAQ:AREX) by 49.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 265,861 shares of the energy company’s stock after acquiring an additional 88,295 shares during the period. Bank of New York Mellon Corp owned approximately 0.28% of Approach Resources worth $649,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 75.39% of the company’s stock.
About Approach Resources
Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.
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