Wall Street brokerages expect that Approach Resources Inc. (NASDAQ:AREX) will announce $28.67 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Approach Resources’ earnings, with the highest sales estimate coming in at $30.12 million and the lowest estimate coming in at $25.50 million. Approach Resources posted sales of $24.97 million in the same quarter last year, which indicates a positive year over year growth rate of 14.8%. The company is expected to report its next earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Approach Resources will report full-year sales of $118.36 million for the current year, with estimates ranging from $107.50 million to $124.05 million. For the next year, analysts forecast that the company will post sales of $128.67 million per share, with estimates ranging from $116.30 million to $140.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, May 2nd. The energy company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Approach Resources had a negative return on equity of 5.10% and a net margin of 19.45%. The company had revenue of $28.77 million for the quarter, compared to analyst estimates of $29.15 million.
AREX has been the subject of several research analyst reports. ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. BidaskClub downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Zacks Investment Research downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, May 14th. Finally, KLR Group downgraded shares of Approach Resources from a “buy” rating to a “hold” rating and set a $3.00 price target for the company. in a research report on Monday, May 14th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Approach Resources currently has a consensus rating of “Hold” and an average price target of $2.92.
Approach Resources opened at $3.00 on Thursday, according to Marketbeat.com. Approach Resources has a twelve month low of $2.18 and a twelve month high of $4.21. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market cap of $275.36 million, a P/E ratio of -8.33 and a beta of 2.76.
A number of hedge funds have recently added to or reduced their stakes in AREX. BlackRock Inc. raised its holdings in Approach Resources by 2.0% in the 4th quarter. BlackRock Inc. now owns 3,370,162 shares of the energy company’s stock valued at $9,975,000 after acquiring an additional 67,260 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Approach Resources by 437.9% in the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after acquiring an additional 52,990 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new stake in Approach Resources in the 4th quarter valued at about $19,907,000. Deutsche Bank AG raised its holdings 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 during the last quarter. Finally, Millennium Management LLC raised its holdings in Approach Resources by 163.3% in 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 during the last quarter. Institutional investors own 20.92% of the company’s stock.
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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