Approach Resources Inc. (NASDAQ:AREX) – Stock analysts at Seaport Global Securities dropped their FY2017 earnings per share (EPS) estimates for Approach Resources in a research report issued on Tuesday, Zacks Investment Research reports. Seaport Global Securities analyst M. Kelly now anticipates that the energy company will post earnings per share of ($0.41) for the year, down from their prior estimate of ($0.40). Seaport Global Securities also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.10) EPS, Q1 2018 earnings at ($0.11) EPS, Q3 2018 earnings at ($0.10) EPS and FY2018 earnings at ($0.41) EPS.
Several other equities research analysts have also recently commented on AREX. Zacks Investment Research cut Approach Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. BidaskClub lowered Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Imperial Capital started coverage on Approach Resources in a report on Friday, August 18th. They issued an “in-line” rating and a $2.50 price target on the stock. Finally, Robert W. Baird restated a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Approach Resources has an average rating of “Hold” and an average price target of $2.79.
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Approach Resources (AREX) traded down $0.01 during trading on Thursday, hitting $2.37. The company had a trading volume of 242,300 shares, compared to its average volume of 788,336. Approach Resources has a 1-year low of $1.93 and a 1-year high of $4.33. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Wednesday, November 1st. The energy company reported ($0.08) EPS for the quarter, beating the Zacks’ 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 business had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million.
Several institutional investors have recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS grew its position in shares of Approach Resources by 68.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock valued at $155,000 after purchasing an additional 25,000 shares during the last quarter. California State Teachers Retirement System acquired a new position in shares of Approach Resources in the second quarter valued at approximately $257,000. State Street Corp grew 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 purchasing an additional 469,552 shares during the last quarter. Balyasny Asset Management LLC acquired a new position in shares of Approach Resources in the second quarter valued at approximately $910,000. Finally, Virtu KCG Holdings LLC grew its position in shares of Approach Resources by 182.8% in the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after purchasing an additional 20,705 shares during the last quarter. 24.33% of the stock is currently owned by institutional investors.
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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