$27.39 Million in Sales Expected for Approach Resources Inc. (AREX) This Quarter
Brokerages expect Approach Resources Inc. (NASDAQ:AREX) to post sales of $27.39 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Approach Resources’ earnings. The highest sales estimate is $28.00 million and the lowest is $26.60 million. Approach Resources posted sales of $22.43 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.1%. The business is scheduled to issue its next quarterly earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Approach Resources will report full-year sales of $27.39 million for the current financial year, with estimates ranging from $112.50 million to $122.30 million. For the next financial year, analysts expect that the company will report sales of $137.08 million per share, with estimates ranging from $121.00 million to $147.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Approach Resources.
Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Thursday, May 4th. The energy company reported ($0.11) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.11). The company had revenue of $26.40 million for the quarter, compared to analyst estimates of $25.96 million. Approach Resources had a negative net margin of 49.87% and a negative return on equity of 6.45%. The firm’s revenue was up 50.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.32) earnings per share.
A number of equities research analysts have recently weighed in on the company. KLR Group reiterated a “buy” rating and issued a $4.00 price target (down from $4.25) on shares of Approach Resources in a report on Tuesday, March 14th. Zacks Investment Research upgraded Approach Resources from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a report on Thursday, March 2nd. Seaport Global Securities reiterated a “neutral” rating and issued a $3.50 price target on shares of Approach Resources in a report on Thursday, February 16th. Scotiabank set a $3.00 price target on Approach Resources and gave the company a “hold” rating in a report on Monday, March 27th. Finally, ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Approach Resources currently has a consensus rating of “Hold” and a consensus price target of $3.85.
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Shares of Approach Resources (NASDAQ:AREX) traded down 1.54% during trading on Friday, reaching $2.55. 642,308 shares of the company’s stock traded hands. The company has a 50 day moving average price of $2.54 and a 200 day moving average price of $2.90. Approach Resources has a 1-year low of $1.35 and a 1-year high of $4.35. The stock’s market capitalization is $179.54 million.
In other news, insider Wilks Brothers, Llc bought 200,000 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were bought at an average cost of $2.61 per share, with a total value of $522,000.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Vean J. Gregg III bought 10,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The stock was purchased at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the transaction, the director now owns 131,749 shares in the company, valued at $395,247. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,635,000 shares of company stock worth $4,573,750. Insiders own 7.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in Approach Resources during the fourth quarter valued at about $1,674,000. Dimensional Fund Advisors LP increased 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 valued at $540,000 after buying an additional 8,740 shares during the period. Allianz Asset Management AG bought a new stake in Approach Resources during the fourth quarter valued at about $621,000. A.R.T. Advisors LLC bought a new stake in Approach Resources during the fourth quarter valued at about $442,000. Finally, Edge Wealth Management LLC bought a new stake in Approach Resources during the first quarter valued at about $100,000. 49.46% of the stock is currently owned by institutional investors.
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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