Analysts expect that Approach Resources Inc. (NASDAQ:AREX) will report earnings of ($0.08) per share for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Approach Resources’ earnings, with the lowest EPS estimate coming in at ($0.10) and the highest estimate coming in at ($0.07). Approach Resources reported earnings per share of ($0.27) in the same quarter last year, which indicates a positive year over year growth rate of 70.4%. The company is expected to announce its next earnings report on Thursday, March 8th.
According to Zacks, analysts expect that Approach Resources will report full-year earnings of ($0.39) per share for the current year, with EPS estimates ranging from ($0.41) to ($0.36). For the next fiscal year, analysts forecast that the firm will report earnings of ($0.33) per share, with EPS estimates ranging from ($0.41) to ($0.27). Zacks’ EPS calculations are a mean average based on a survey of research analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The company had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million.
Several research analysts have commented on the company. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a research report on Tuesday, November 7th. ValuEngine lowered Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research report on Monday. Robert W. Baird reaffirmed a “hold” rating and set a $4.00 target price on shares of Approach Resources in a research report on Tuesday, September 26th. Finally, Imperial Capital began coverage on Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 target price on the stock. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Approach Resources presently has a consensus rating of “Hold” and an average price target of $2.79.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in 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 acquiring an additional 347,986 shares during the period. California Public Employees Retirement System boosted its stake in Approach Resources by 2.2% in the second quarter. California Public Employees Retirement System now owns 1,274,300 shares of the energy company’s stock valued at $4,294,000 after acquiring an additional 27,600 shares during the period. Goldman Sachs Group Inc. boosted its stake in 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 acquiring an additional 577,368 shares during the period. Northern Trust Corp boosted its stake in 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 acquiring an additional 404,580 shares during the period. Finally, State Street Corp boosted its stake in 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 acquiring an additional 469,552 shares during the period. Institutional investors and hedge funds own 23.71% of the company’s stock.
Approach Resources (NASDAQ:AREX) traded down $0.08 during trading hours on Tuesday, reaching $2.29. The company’s stock had a trading volume of 313,900 shares, compared to its average volume of 786,169. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.41 and a current ratio of 0.41. Approach Resources has a one year low of $1.93 and a one year high of $4.33.
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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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