Approach Resources Inc. (AREX) Forecasted to Post Q1 2019 Earnings of ($0.11) Per Share

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Approach Resources Inc. (NASDAQ:AREX) – Investment analysts at Imperial Capital issued their Q1 2019 earnings per share (EPS) estimates for shares of Approach Resources in a report released on Wednesday, March 20th. Imperial Capital analyst I. Haas forecasts that the energy company will earn ($0.11) per share for the quarter. Imperial Capital has a “Underperform” rating and a $0.40 price objective on the stock. Imperial Capital also issued estimates for Approach Resources’ Q2 2019 earnings at ($0.11) EPS, Q3 2019 earnings at ($0.10) EPS, Q4 2019 earnings at ($0.08) EPS and FY2019 earnings at ($0.40) EPS.

Several other research analysts have also recently issued reports on AREX. Zacks Investment Research cut Approach Resources from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. ValuEngine upgraded Approach Resources from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, EuroPacific Canada cut Approach Resources from a “neutral” rating to a “sell” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Approach Resources has an average rating of “Hold” and an average target price of $1.72.

Shares of NASDAQ:AREX opened at $0.52 on Friday. Approach Resources has a 52-week low of $0.50 and a 52-week high of $3.26. The stock has a market capitalization of $70.48 million, a PE ratio of -2.00 and a beta of 2.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.77 and a quick ratio of 0.35.

Approach Resources (NASDAQ:AREX) last issued its quarterly earnings results on Monday, March 18th. The energy company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Approach Resources had a negative return on equity of 4.22% and a negative net margin of 17.46%. The business had revenue of $22.38 million during the quarter, compared to analyst estimates of $30.16 million.

Several large investors have recently made changes to their positions in the company. Bridgeway Capital Management Inc. raised its stake in shares of Approach Resources by 4.4% in the third quarter. Bridgeway Capital Management Inc. now owns 1,008,400 shares of the energy company’s stock worth $2,249,000 after purchasing an additional 42,600 shares during the last quarter. Geode Capital Management LLC raised its position in Approach Resources by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock valued at $463,000 after acquiring an additional 32,712 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in Approach Resources during the fourth quarter valued at approximately $160,000. Finally, Rhumbline Advisers raised its position in Approach Resources by 34.6% during the fourth quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock valued at $53,000 after acquiring an additional 15,640 shares in the last quarter. Hedge funds and other institutional investors own 70.21% of the company’s stock.

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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