Zacks: Analysts Anticipate Approach Resources Inc. (AREX) Will Post Quarterly Sales of $29.09 Million

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Analysts expect that Approach Resources Inc. (NASDAQ:AREX) will post $29.09 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Approach Resources’ earnings, with the lowest sales estimate coming in at $25.50 million and the highest estimate coming in at $31.22 million. Approach Resources reported sales of $24.97 million in the same quarter last year, which would suggest a positive year over year growth rate of 16.5%. The company is scheduled to issue its next quarterly earnings results on Wednesday, August 1st.

According to Zacks, analysts expect that Approach Resources will report full year sales of $122.20 million for the current financial year, with estimates ranging from $107.50 million to $134.29 million. For the next year, analysts forecast that the business will post sales of $135.62 million per share, with estimates ranging from $116.30 million to $156.56 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Approach Resources.

Approach Resources (NASDAQ:AREX) last announced its quarterly earnings results on Wednesday, May 2nd. The energy company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.01). The business had revenue of $28.77 million during the quarter, compared to analyst estimates of $29.15 million. Approach Resources had a net margin of 19.45% and a negative return on equity of 5.10%.

A number of brokerages recently issued reports on AREX. BidaskClub downgraded Approach Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 5th. ValuEngine raised Approach Resources from a “sell” rating to a “hold” rating in a report on Friday, June 1st. Zacks Investment Research raised Approach Resources from a “sell” rating to a “hold” rating in a report on Monday, May 21st. Finally, KLR Group downgraded Approach Resources from a “buy” rating to a “hold” rating and set a $3.00 price target for the company. in a report on Monday, May 14th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $2.92.

Approach Resources traded down $0.11, reaching $2.47, on Friday, according to MarketBeat. The company’s stock had a trading volume of 894,260 shares, compared to its average volume of 606,489. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $246.03 million, a price-to-earnings ratio of -6.86 and a beta of 2.76. Approach Resources has a fifty-two week low of $2.18 and a fifty-two week high of $4.21.

Several hedge funds have recently bought and sold shares of AREX. Millennium Management LLC boosted its holdings in shares of Approach Resources by 163.3% in the fourth quarter. Millennium Management LLC now owns 56,339 shares of the energy company’s stock valued at $167,000 after acquiring an additional 34,939 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Approach Resources by 437.9% in the fourth quarter. Alliancebernstein L.P. now owns 65,090 shares of the energy company’s stock valued at $193,000 after acquiring an additional 52,990 shares during the period. KBC Group NV acquired a new stake in shares of Approach Resources in the first quarter valued at approximately $268,000. GSA Capital Partners LLP boosted its holdings in shares of Approach Resources by 497.7% in the first quarter. GSA Capital Partners LLP now owns 109,406 shares of the energy company’s stock valued at $286,000 after acquiring an additional 91,100 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Approach Resources by 145.2% in the fourth quarter. Deutsche Bank AG now owns 98,569 shares of the energy company’s stock valued at $290,000 after acquiring an additional 58,371 shares during the period. 28.93% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Approach Resources (NASDAQ:AREX)

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