Approach Resources Inc. (NASDAQ:AREX) – Analysts at Imperial Capital boosted their Q1 2018 EPS estimates for shares of Approach Resources in a research note issued to investors on Monday, according to Zacks Investment Research. Imperial Capital analyst I. Haas now expects that the energy company will post earnings of ($0.06) per share for the quarter, up from their prior forecast of ($0.08). Imperial Capital also issued estimates for Approach Resources’ Q2 2018 earnings at ($0.06) EPS, Q3 2018 earnings at ($0.06) EPS, Q4 2018 earnings at ($0.06) EPS and FY2018 earnings at ($0.24) EPS.
Approach Resources (NASDAQ:AREX) last posted its quarterly earnings data on Thursday, March 8th. The energy company reported ($0.07) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.07). The firm had revenue of $28.40 million during the quarter, compared to the consensus estimate of $28.08 million. Approach Resources had a negative return on equity of 5.33% and a negative net margin of 106.65%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.27) EPS.
AREX has been the subject of a number of other reports. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Monday, December 25th. BidaskClub upgraded Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Scotiabank restated a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, ValuEngine cut 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 assigned a hold rating to the company. Approach Resources currently has an average rating of “Hold” and an average price target of $2.90.
Approach Resources (NASDAQ:AREX) opened at $2.72 on Wednesday. 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.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC grew its holdings in shares of Approach Resources by 14.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after acquiring an additional 6,781 shares during the period. Millennium Management LLC grew its holdings 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 buying an additional 34,939 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in Approach Resources during the 2nd quarter valued at $154,000. Alliancebernstein L.P. grew its holdings 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 buying an additional 52,990 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings 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 buying an additional 58,371 shares during the last quarter. Institutional investors and hedge funds own 28.69% of the company’s stock.
In other news, major shareholder Wilks Brothers, Llc purchased 150,000 shares of the stock in a transaction that occurred on Tuesday, December 26th. The shares were acquired at an average price of $3.05 per share, for a total transaction of $457,500.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders purchased 1,800,000 shares of company stock worth $5,875,500. Insiders own 5.10% of the company’s stock.
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About Approach Resources
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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