Approach Resources Inc. (AREX) Expected to Announce Earnings of -$0.10 Per Share
Wall Street analysts expect Approach Resources Inc. (NASDAQ:AREX) to report ($0.10) earnings per share (EPS) for the current quarter, according to Zacks. Five analysts have issued estimates for Approach Resources’ earnings. The lowest EPS estimate is ($0.11) and the highest is ($0.09). Approach Resources reported earnings of ($0.23) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 56.5%. The business is expected to report its next quarterly earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Approach Resources will report full-year earnings of ($0.41) per share for the current financial year, with EPS estimates ranging from ($0.44) to ($0.39). For the next fiscal year, analysts expect that the firm will report earnings of ($0.35) per share, with EPS estimates ranging from ($0.43) to ($0.28). Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.02). The company had revenue of $24.97 million for the quarter, compared to analysts’ expectations of $25.86 million. Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.25) earnings per share.
AREX has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. ValuEngine cut shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Seaport Global Securities cut shares of Approach Resources from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. BidaskClub cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Imperial Capital initiated coverage on shares of Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 price objective for the company. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $3.25.
Several hedge funds and other institutional investors have recently modified their holdings of AREX. Goldman Sachs Group Inc. raised its position in shares of Approach Resources by 447.7% in the first quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock valued at $1,773,000 after buying an additional 577,368 shares during the last quarter. State Street Corp raised its position in shares of Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after buying an additional 469,552 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Approach Resources in the first quarter valued at about $1,039,000. Northern Trust Corp raised its position in shares of Approach Resources by 264.2% in the second quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock valued at $1,879,000 after buying an additional 404,580 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Approach Resources by 21.6% in the second quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock valued at $6,603,000 after buying an additional 347,986 shares during the last quarter. Institutional investors and hedge funds own 24.34% of the company’s stock.
Shares of Approach Resources (NASDAQ AREX) traded up 0.40% during trading on Thursday, hitting $2.49. 525,222 shares of the company’s stock were exchanged. The company has a 50-day moving average of $2.61 and a 200-day moving average of $2.66. Approach Resources has a 12-month low of $1.93 and a 12-month high of $4.33. The company’s market cap is $214.99 million.
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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