Approach Resources Inc. (NASDAQ:AREX) announced its quarterly earnings results on Wednesday. The energy company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01, Bloomberg Earnings reports. The company had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%.
Approach Resources (NASDAQ:AREX) traded up $0.03 during mid-day trading on Friday, hitting $2.43. 292,938 shares of the stock traded hands, compared to its average volume of 424,975.
AREX has been the topic of several analyst reports. Zacks Investment Research raised Approach Resources from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research report on Tuesday. Robert W. Baird reaffirmed a “hold” rating and set a $4.00 price target on shares of Approach Resources in a research report on Tuesday, September 26th. KeyCorp reaffirmed a “hold” rating on shares of Approach Resources in a research report on Thursday, October 12th. Imperial Capital initiated coverage on Approach Resources in a research report on Friday, August 18th. They set an “in-line” rating and a $2.50 price target on the stock. Finally, ValuEngine downgraded Approach Resources from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $2.75.
An institutional investor recently bought a new position in Approach Resources stock. California State Teachers Retirement System bought a new stake in Approach Resources Inc. (NASDAQ:AREX) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 76,200 shares of the energy company’s stock, valued at approximately $257,000. California State Teachers Retirement System owned approximately 0.09% of Approach Resources as of its most recent filing with the SEC. Institutional investors own 24.33% 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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