Approach Resources Inc. (NASDAQ:AREX) – Investment analysts at Imperial Capital raised their FY2018 earnings estimates for Approach Resources in a research report issued to clients and investors on Tuesday. Imperial Capital analyst I. Haas now expects that the energy company will earn ($0.28) per share for the year, up from their prior estimate of ($0.29).
Other analysts also recently issued research reports about the stock. Robert W. Baird reiterated a “hold” rating and issued a $4.00 price objective on shares of Approach Resources in a report on Tuesday, September 26th. Zacks Investment Research downgraded shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Monday. KeyCorp reiterated a “hold” rating on shares of Approach Resources in a report on Thursday, October 12th. Scotiabank reiterated a “hold” rating and issued a $3.00 price objective on shares of Approach Resources in a report on Wednesday, November 22nd. Finally, ValuEngine downgraded shares of Approach Resources from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $2.79.
Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The firm had revenue of $25.61 million during the quarter, compared to the consensus estimate of $25.74 million.
In other news, major shareholder Wilks Brothers, Llc purchased 200,000 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was acquired at an average price of $2.39 per share, with a total value of $478,000.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders bought 2,289,398 shares of company stock valued at $5,929,470. Corporate insiders own 5.10% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Virtu KCG Holdings LLC boosted its position in shares of Approach Resources by 182.8% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares during the period. New York State Common Retirement Fund acquired a new stake in Approach Resources during the 2nd quarter worth approximately $154,000. Kornitzer Capital Management Inc. KS lifted its holdings in Approach Resources by 68.1% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock worth $155,000 after buying an additional 25,000 shares in the last quarter. Rhumbline Advisers acquired a new stake in Approach Resources during the 2nd quarter worth approximately $157,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in Approach Resources by 14.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after buying an additional 6,781 shares in the last quarter. 24.63% of the stock is owned by hedge funds and other institutional investors.
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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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