Wall Street brokerages expect that Approach Resources Inc. (NASDAQ:AREX) will post $29.09 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Approach Resources’ earnings, with the lowest sales estimate coming in at $25.50 million and the highest estimate coming in at $31.22 million. Approach Resources posted sales of $24.97 million in the same quarter last year, which would indicate a positive year over year growth rate of 16.5%. The business is scheduled to report its next quarterly earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Approach Resources will report full year sales of $122.20 million for the current year, with estimates ranging from $107.50 million to $134.29 million. For the next year, analysts expect that the firm will post sales of $135.62 million per share, with estimates ranging from $116.30 million to $156.56 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings results on Wednesday, May 2nd. The energy company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). Approach Resources had a net margin of 19.45% and a negative return on equity of 5.10%. The business had revenue of $28.77 million during the quarter, compared to analyst estimates of $29.15 million.
AREX has been the subject of several research reports. ValuEngine raised shares of Approach Resources from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 2nd. KLR Group lowered shares of Approach Resources from a “buy” rating to a “hold” rating and set a $3.00 price target for the company. in a report on Monday, May 14th. Zacks Investment Research lowered shares of Approach Resources from a “hold” rating to a “sell” rating in a report on Monday, May 14th. Finally, BidaskClub raised shares of Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, May 24th. Eight research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus target price of $3.40.
Shares of NASDAQ AREX traded down $0.05 during midday trading on Wednesday, hitting $2.39. The company’s stock had a trading volume of 397,300 shares, compared to its average volume of 607,910. Approach Resources has a 1-year low of $2.18 and a 1-year high of $4.21. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market capitalization of $230.89 million, a PE ratio of -6.64 and a beta of 2.81.
A number of institutional investors have recently bought and sold shares of AREX. Millennium Management LLC boosted its stake in 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 purchasing an additional 34,939 shares during the period. Alliancebernstein L.P. boosted its stake in Approach Resources by 437.9% during the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after purchasing an additional 52,990 shares during the period. KBC Group NV acquired a new position in Approach Resources during the 1st quarter valued at about $268,000. GSA Capital Partners LLP boosted its stake in Approach Resources by 497.7% during the 1st quarter. GSA Capital Partners LLP now owns 109,406 shares of the energy company’s stock valued at $286,000 after purchasing an additional 91,100 shares during the period. Finally, Deutsche Bank AG boosted its stake in Approach Resources by 145.2% during the 4th quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after purchasing an additional 58,371 shares during the period. 28.93% of the stock is owned by hedge funds and other institutional investors.
Approach Resources Company Profile
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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