Approach Resources Inc. (AREX) Set to Announce Quarterly Earnings on Wednesday
Approach Resources Inc. (NASDAQ:AREX) will issue its quarterly earnings data after the market closes on Wednesday, November 1st. Analysts expect the company to announce earnings of ($0.10) per share for the quarter.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). Approach Resources had a negative return on equity of 6.84% and a negative net margin of 169.54%. The company had revenue of $24.97 million for the quarter, compared to analyst estimates of $25.86 million. During the same quarter in the previous year, the company posted ($0.25) earnings per share. Approach Resources’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts expect Approach Resources to post $-0.40 EPS for the current fiscal year and $-0.33 EPS for the next fiscal year.
Approach Resources Inc. (AREX) opened at 2.30 on Tuesday. The stock’s 50 day moving average is $2.50 and its 200-day moving average is $2.64. The firm’s market capitalization is $198.58 million. Approach Resources Inc. has a 12 month low of $1.93 and a 12 month high of $4.33.
A hedge fund recently raised its stake in Approach Resources stock. State Street Corp increased its holdings in shares of Approach Resources Inc. (NASDAQ:AREX) by 2,151.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 491,375 shares of the energy company’s stock after buying an additional 469,552 shares during the period. State Street Corp owned about 0.57% of Approach Resources worth $1,657,000 at the end of the most recent quarter. 24.33% of the stock is owned by institutional investors.
A number of equities research analysts have recently weighed in on the stock. KeyCorp restated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Zacks Investment Research upgraded shares of Approach Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, October 23rd. Robert W. Baird restated a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a research note on Tuesday, September 26th. BidaskClub downgraded shares of Approach Resources from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Imperial Capital assumed coverage on shares of Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 price target on the stock. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $2.80.
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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