Brokerages expect that Approach Resources Inc. (NASDAQ:AREX) will report sales of $28.78 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Approach Resources’ earnings, with the highest sales estimate coming in at $30.33 million and the lowest estimate coming in at $27.30 million. Approach Resources reported sales of $26.51 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.6%. The firm is expected to announce its next quarterly earnings report on Thursday, March 8th.
On average, analysts expect that Approach Resources will report full-year sales of $28.78 million for the current year, with estimates ranging from $104.60 million to $107.26 million. For the next fiscal year, analysts expect that the company will report sales of $121.76 million per share, with estimates ranging from $102.10 million to $138.03 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results 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 net margin of 165.95% and a negative return on equity of 6.39%. The firm had revenue of $25.61 million during the quarter, compared to the consensus estimate of $25.74 million.
A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Monday, October 9th. KeyCorp reissued a “hold” rating on shares of Approach Resources in a research report on Thursday, October 12th. Scotiabank reissued a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a research report on Wednesday, November 22nd. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Finally, Robert W. Baird reissued a “hold” rating and issued a $4.00 price objective on shares of Approach Resources in a research report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Approach Resources currently has an average rating of “Hold” and an average target price of $2.88.
Shares of Approach Resources (NASDAQ AREX) traded up $0.01 during trading hours on Monday, hitting $3.17. 334,357 shares of the company were exchanged, compared to its average volume of 618,500. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.69. Approach Resources has a 1 year low of $1.93 and a 1 year high of $3.56. The company has a market cap of $274.25, a P/E ratio of -1.26 and a beta of 2.67.
In other news, insider Wilks Brothers, Llc acquired 660,113 shares of Approach Resources stock in a transaction that occurred on Wednesday, December 13th. The shares were bought at an average cost of $2.47 per share, with a total value of $1,630,479.11. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders purchased a total of 3,439,398 shares of company stock worth $9,444,470 over the last three months. 5.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS raised its position in Approach Resources by 68.1% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after purchasing an additional 25,000 shares during the period. California State Teachers Retirement System purchased a new position in shares of Approach Resources during the second quarter worth approximately $257,000. State Street Corp increased its position in shares of Approach Resources by 2,151.6% during the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after acquiring an additional 469,552 shares during the period. Balyasny Asset Management LLC purchased a new position in shares of Approach Resources during the second quarter worth approximately $910,000. Finally, Virtu KCG Holdings LLC increased its position in shares of Approach Resources by 182.8% during the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after acquiring an additional 20,705 shares during the period. 24.63% of the stock is currently owned by institutional investors.
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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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