Brokerages predict that Approach Resources Inc. (NASDAQ:AREX) will report sales of $28.41 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Approach Resources’ earnings. The highest sales estimate is $30.50 million and the lowest is $24.90 million. Approach Resources posted sales of $26.51 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.2%. The company is scheduled to report its next earnings results after the market closes on Thursday, March 8th.
On average, analysts expect that Approach Resources will report full-year sales of $28.41 million for the current fiscal year, with estimates ranging from $101.80 million to $107.40 million. For the next financial year, analysts anticipate that the business will report sales of $122.31 million per share, with estimates ranging from $106.70 million to $136.53 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Approach Resources.
AREX has been the subject of several research analyst reports. BidaskClub raised shares of Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a report on Friday, January 12th. Scotiabank reissued a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, KeyCorp reissued a “hold” rating on shares of Approach Resources in a report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $3.08.
In related news, insider Wilks Brothers, Llc acquired 660,113 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were acquired at an average cost of $2.47 per share, with a total value of $1,630,479.11. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased a total of 4,089,398 shares of company stock worth $11,804,970 over the last ninety days. 5.10% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG lifted its position in Approach Resources by 145.2% in the 4th quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after acquiring an additional 58,371 shares in the last quarter. Kayne Anderson Capital Advisors LP bought a new stake in Approach Resources during the 4th quarter worth about $19,907,000. Alliancebernstein L.P. lifted its position in Approach Resources by 437.9% during the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock worth $193,000 after buying an additional 52,990 shares in the last quarter. BlackRock Inc. lifted its position in Approach Resources by 2.0% during the 4th quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock worth $9,975,000 after buying an additional 67,260 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its position in Approach Resources by 68.1% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after buying an additional 25,000 shares in the last quarter. 23.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Approach Resources (NASDAQ:AREX) traded up $0.18 during mid-day trading on Friday, hitting $3.16. 471,330 shares of the stock traded hands, compared to its average volume of 723,617. Approach Resources has a one year low of $1.93 and a one year high of $4.21. The firm has a market cap of $273.39, a price-to-earnings ratio of -1.25 and a beta of 2.71. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.69.
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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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