Approach Resources (NASDAQ:AREX) issued its quarterly earnings results on Thursday. The energy company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06, Fidelity Earnings reports. The company had revenue of $32.56 million during the quarter, compared to analyst estimates of $30.07 million. Approach Resources had a net margin of 18.38% and a negative return on equity of 4.52%.
Shares of AREX stock traded down $0.03 during trading hours on Friday, reaching $1.60. 254,508 shares of the stock traded hands, compared to its average volume of 214,147. Approach Resources has a 1-year low of $1.46 and a 1-year high of $4.21. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.46 and a quick ratio of 0.46. The firm has a market capitalization of $154.01 million, a P/E ratio of -4.44 and a beta of 2.72.
A number of analysts have recently weighed in on AREX shares. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.25 price target for the company in a research note on Tuesday, September 18th. KLR Group reiterated a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a report on Monday, August 20th. Six investment analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and an average price target of $2.75.
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Approach Resources Company Profile
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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