Approach Resources Inc. (NASDAQ:AREX) – Research analysts at KeyCorp raised their FY2017 earnings per share estimates for Approach Resources in a research report issued on Tuesday. KeyCorp analyst D. Deckelbaum now anticipates that the energy company will post earnings of ($0.33) per share for the year, up from their previous estimate of ($0.34). KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.04) EPS, Q1 2018 earnings at ($0.01) EPS, Q2 2018 earnings at ($0.01) EPS, Q3 2018 earnings at ($0.01) EPS, Q4 2018 earnings at $0.00 EPS, FY2018 earnings at ($0.03) EPS and FY2019 earnings at $0.01 EPS.
Several other research firms have also weighed in on AREX. Robert W. Baird restated a “hold” rating and set a $4.00 price target on shares of Approach Resources in a research report on Tuesday, September 26th. Zacks Investment Research upgraded Approach Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, October 23rd. ValuEngine lowered Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Finally, Scotiabank restated a “hold” rating and set a $3.00 price target on shares of Approach Resources in a research report on Wednesday, November 22nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $2.79.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The company had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million.
A number of institutional investors have recently added to or reduced their stakes in AREX. State Street Corp boosted its holdings in Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after acquiring an additional 469,552 shares in the last quarter. Northern Trust Corp boosted its holdings in Approach Resources by 264.2% in the second quarter. Northern Trust Corp now owns 557,713 shares of the energy company’s stock worth $1,879,000 after acquiring an additional 404,580 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Approach Resources by 21.6% in the second quarter. Vanguard Group Inc. now owns 1,959,374 shares of the energy company’s stock worth $6,603,000 after acquiring an additional 347,986 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in Approach Resources in the second quarter worth $910,000. Finally, TIAA CREF Investment Management LLC bought a new stake in Approach Resources in the second quarter worth $699,000. 24.67% of the stock is currently owned by institutional investors and hedge funds.
In related news, major shareholder Wilks Brothers, Llc bought 50,000 shares of the company’s stock in a transaction on Monday, December 11th. The shares were acquired at an average cost of $2.53 per share, with a total value of $126,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 939,398 shares of company stock worth $2,304,970 over the last three months. Corporate insiders own 5.10% of the company’s stock.
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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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