Brokerages forecast that Approach Resources Inc. (NASDAQ:AREX) will announce $26.12 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Approach Resources’ earnings. The lowest sales estimate is $25.50 million and the highest is $27.10 million. Approach Resources posted sales of $22.43 million during the same quarter last year, which suggests a positive year-over-year growth rate of 16.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Wednesday, August 2nd.
On average, analysts expect that Approach Resources will report full year sales of $26.12 million for the current year, with estimates ranging from $102.80 million to $112.50 million. For the next year, analysts forecast that the business will report sales of $114.56 million per share, with estimates ranging from $100.00 million to $130.70 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Approach Resources.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Thursday, May 4th. The energy company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Approach Resources had a negative return on equity of 6.87% and a negative net margin of 181.09%. The company had revenue of $26.40 million for the quarter, compared to the consensus estimate of $25.96 million. During the same quarter in the prior year, the business earned ($0.32) earnings per share. The firm’s revenue for the quarter was up 50.0% on a year-over-year basis.
Several equities analysts have commented on the stock. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the stock a “hold” rating in a research report on Saturday, May 6th. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research cut shares of Approach Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Finally, Seaport Global Securities cut shares of Approach Resources from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.00 to $0.50 in a research report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $3.20.
In related news, Director Vean J. Gregg III purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 10th. The shares were bought at an average price of $3.00 per share, with a total value of $30,000.00. Following the acquisition, the director now owns 131,749 shares of the company’s stock, valued at approximately $395,247. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wilks Brothers, Llc purchased 200,000 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was bought at an average cost of $2.81 per share, for a total transaction of $562,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 2,861,000 shares of company stock worth $7,860,650 in the last ninety days. 7.80% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Edge Wealth Management LLC bought a new stake in Approach Resources during the first quarter worth approximately $100,000. Segantii Capital Management Ltd boosted its stake in Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock worth $121,000 after buying an additional 40,800 shares during the period. Airain ltd bought a new stake in Approach Resources during the first quarter worth approximately $166,000. Schroder Investment Management Group bought a new stake in Approach Resources during the first quarter worth approximately $174,000. Finally, Eagle Global Advisors LLC boosted its stake in Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock worth $195,000 after buying an additional 12,350 shares during the period. 25.64% of the stock is currently owned by institutional investors.
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Approach Resources (NASDAQ AREX) traded up 2.159% during trading on Wednesday, hitting $3.075. The stock had a trading volume of 516,096 shares. The firm has a 50 day moving average price of $2.89 and a 200-day moving average price of $2.76. The firm’s market capitalization is $216.51 million. Approach Resources has a 1-year low of $1.35 and a 1-year high of $4.35.
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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