Approach Resources Inc. (AREX) Expected to Post Quarterly Sales of $28.94 Million
Equities research analysts expect Approach Resources Inc. (NASDAQ:AREX) to report $28.94 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Approach Resources’ earnings. The highest sales estimate is $30.07 million and the lowest is $27.80 million. Approach Resources reported sales of $25.61 million in the same quarter last year, which would suggest a positive year over year growth rate of 13%. The firm is expected to report its next earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Approach Resources will report full year sales of $119.09 million for the current fiscal year, with estimates ranging from $114.00 million to $124.17 million. For the next fiscal year, analysts anticipate that the company will report sales of $140.90 million, with estimates ranging from $124.50 million to $157.30 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 1st. The energy company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $30.33 million during the quarter, compared to the consensus estimate of $28.16 million. Approach Resources had a negative return on equity of 4.52% and a net margin of 18.38%.
Approach Resources stock traded up $0.05 during mid-day trading on Tuesday, hitting $2.02. The company’s stock had a trading volume of 122,400 shares, compared to its average volume of 471,960. The company has a market cap of $210.71 million, a P/E ratio of -5.58 and a beta of 2.65. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64. Approach Resources has a 52-week low of $1.93 and a 52-week high of $4.21.
A number of institutional investors have recently made changes to their positions in the stock. Kayne Anderson Capital Advisors LP lifted its stake in Approach Resources by 12.6% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 7,573,403 shares of the energy company’s stock worth $19,767,000 after acquiring an additional 848,180 shares in the last quarter. BlackRock Inc. lifted its stake in Approach Resources by 11.5% in the 2nd quarter. BlackRock Inc. now owns 3,504,971 shares of the energy company’s stock worth $8,551,000 after acquiring an additional 361,169 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Approach Resources by 49.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 265,861 shares of the energy company’s stock worth $649,000 after acquiring an additional 88,295 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its stake in Approach Resources by 83.1% in the 2nd quarter. GSA Capital Partners LLP now owns 200,306 shares of the energy company’s stock worth $489,000 after acquiring an additional 90,900 shares in the last quarter. 75.07% of the stock is owned by hedge funds and other institutional investors.
Approach Resources Company Profile
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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