Brokerages Expect Approach Resources Inc. (AREX) Will Announce Quarterly Sales of $29.21 Million

Wall Street analysts predict that Approach Resources Inc. (NASDAQ:AREX) will report sales of $29.21 million for the current quarter, according to Zacks. Four analysts have made estimates for Approach Resources’ earnings. The lowest sales estimate is $26.40 million and the highest is $30.63 million. Approach Resources reported sales of $26.36 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.8%. The firm is expected to report its next quarterly earnings results on Thursday, May 3rd.

According to Zacks, analysts expect that Approach Resources will report full-year sales of $29.21 million for the current fiscal year, with estimates ranging from $108.40 million to $127.90 million. For the next year, analysts forecast that the firm will post sales of $125.36 million per share, with estimates ranging from $112.70 million to $135.29 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Approach Resources.

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Approach Resources (NASDAQ:AREX) last announced its quarterly earnings data on Thursday, March 8th. The energy company reported ($0.07) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.07). The company had revenue of $28.40 million during the quarter, compared to analyst estimates of $28.08 million. Approach Resources had a negative net margin of 106.65% and a negative return on equity of 5.33%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business earned ($0.27) EPS.

AREX has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Monday, December 18th. ValuEngine lowered shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Finally, BidaskClub raised shares of Approach Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Approach Resources presently has an average rating of “Hold” and a consensus price target of $2.90.

AREX stock traded down $0.03 during mid-day trading on Monday, hitting $2.49. 424,439 shares of the company were exchanged, compared to its average volume of 499,707. The firm has a market cap of $237.72, a P/E ratio of -6.92 and a beta of 2.76. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.67. Approach Resources has a twelve month low of $1.95 and a twelve month high of $4.21.

In other Approach Resources news, major shareholder Wilks Brothers, Llc purchased 200,000 shares of Approach Resources stock in a transaction dated Friday, January 12th. The shares were bought at an average cost of $4.04 per share, for a total transaction of $808,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of AREX. Millennium Management LLC lifted its position in shares of Approach Resources by 163.3% in the 4th quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock worth $167,000 after buying an additional 34,939 shares during the last quarter. Alliancebernstein L.P. lifted its position in Approach Resources by 437.9% in the 4th quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after purchasing an additional 52,990 shares during the last quarter. California State Teachers Retirement System bought a new stake in Approach Resources in the 2nd quarter valued at about $257,000. Deutsche Bank AG lifted its position in Approach Resources by 145.2% in the 4th quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after purchasing an additional 58,371 shares during the last quarter. Finally, State Street Corp lifted its position in Approach Resources by 2,151.6% in the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after purchasing an additional 469,552 shares during the last quarter. Institutional investors own 29.02% of the company’s stock.

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About Approach Resources

Approach Resources, Inc, an independent energy company, focuses on the acquisition, exploration, development, and production of unconventional oil and gas reserves in the United States. The company's properties are primarily located in the Permian Basin in west Texas. It also owns interests in east Texas Basin.

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