Q1 2017 EPS Estimates for Approach Resources Inc. (AREX) Lowered by KeyCorp
Approach Resources Inc. (NASDAQ:AREX) – Equities research analysts at KeyCorp cut their Q1 2017 earnings per share estimates for Approach Resources in a research report issued to clients and investors on Tuesday. KeyCorp analyst D. Deckelbaum now expects that the energy company will post earnings of ($0.11) per share for the quarter, down from their prior forecast of ($0.08). KeyCorp also issued estimates for Approach Resources’ Q2 2017 earnings at ($0.07) EPS, Q3 2017 earnings at ($0.05) EPS, Q4 2017 earnings at ($0.03) EPS, FY2017 earnings at ($0.25) EPS, Q1 2018 earnings at ($0.02) EPS, Q3 2018 earnings at ($0.01) EPS, Q4 2018 earnings at ($0.01) EPS and FY2018 earnings at ($0.05) EPS.
Several other research firms have also recently weighed in on AREX. Seaport Global Securities reissued a “neutral” rating and issued a $3.50 price target on shares of Approach Resources in a research note on Thursday, February 16th. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Thursday, February 16th. KLR Group raised shares of Approach Resources from an “accumulate” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Friday, January 20th. Finally, Scotiabank set a $3.00 price objective on shares of Approach Resources and gave the stock a “hold” rating in a research report on Monday, March 27th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Approach Resources presently has a consensus rating of “Hold” and a consensus target price of $3.80.
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Approach Resources (NASDAQ:AREX) opened at 2.19 on Friday. The stock’s market cap is $87.19 million. The stock’s 50 day moving average price is $2.39 and its 200-day moving average price is $3.02. Approach Resources has a 12 month low of $1.35 and a 12 month high of $4.35.
Approach Resources (NASDAQ:AREX) last issued its quarterly earnings data on Thursday, March 9th. The energy company reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by $0.08. The firm had revenue of $26.51 million for the quarter, compared to analysts’ expectations of $26.04 million. Approach Resources had a negative net margin of 49.87% and a negative return on equity of 6.45%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) EPS.
A number of large investors have recently added to or reduced their stakes in AREX. Edge Wealth Management LLC acquired a new stake in Approach Resources during the first quarter worth about $100,000. Hancock Holding Co. acquired a new stake in Approach Resources during the third quarter worth about $121,000. A.R.T. Advisors LLC acquired a new stake in Approach Resources during the fourth quarter worth about $442,000. Dimensional Fund Advisors LP raised its stake in Approach Resources by 5.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 161,294 shares of the energy company’s stock worth $540,000 after buying an additional 8,740 shares during the period. Finally, Allianz Asset Management AG acquired a new stake in Approach Resources during the fourth quarter worth about $621,000. Institutional investors own 49.46% of the company’s stock.
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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