Approach Resources Inc. (NASDAQ:AREX) – KeyCorp reduced their FY2019 earnings per share estimates for shares of Approach Resources in a note issued to investors on Wednesday, March 14th, Zacks Investment Research reports. KeyCorp analyst D. Deckelbaum now anticipates that the energy company will earn ($0.13) per share for the year, down from their prior estimate of ($0.12).
AREX has been the topic of several other research reports. Zacks Investment Research upgraded shares of Approach Resources from a “hold” rating to a “buy” rating and set a $3.25 price objective on the stock in a report on Monday, December 25th. BidaskClub upgraded shares of Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Finally, ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $2.90.
Shares of NASDAQ:AREX traded down $0.03 on Friday, hitting $2.49. 424,439 shares of the company were exchanged, compared to its average volume of 499,707. Approach Resources has a one year low of $1.95 and a one year high of $4.21. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market cap of $234.89, a price-to-earnings ratio of -6.92 and a beta of 2.76.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Thursday, March 8th. The energy company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). Approach Resources had a negative net margin of 106.65% and a negative return on equity of 5.33%. The company had revenue of $28.40 million for the quarter, compared to the consensus estimate of $28.08 million. During the same quarter in the previous year, the firm posted ($0.27) EPS. The business’s revenue was up 7.2% compared to the same quarter last year.
Several institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its position in shares of Approach Resources by 163.3% during the 4th quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock valued at $167,000 after acquiring an additional 34,939 shares in the last quarter. Deutsche Bank AG boosted its position in Approach Resources by 145.2% in the fourth quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after buying an additional 58,371 shares in the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in Approach Resources in the fourth quarter valued at about $19,907,000. Alliancebernstein L.P. boosted its position in Approach Resources by 437.9% in the fourth quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after buying an additional 52,990 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Approach Resources by 2.0% in the fourth quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock valued at $9,975,000 after buying an additional 67,260 shares in the last quarter. Institutional investors and hedge funds own 29.02% of the company’s stock.
In other Approach Resources news, insider Wilks Brothers, Llc bought 450,000 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The shares were acquired at an average cost of $3.45 per share, for a total transaction of $1,552,500.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 5.10% of the stock is currently owned by insiders.
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About Approach Resources
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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