Approach Resources (AREX) Posts Earnings Results, Beats Expectations By $0.06 EPS

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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.

An institutional investor recently raised its position in Approach Resources stock. Bank of New York Mellon Corp increased its position in shares of Approach Resources Inc. (NASDAQ:AREX) by 49.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 265,861 shares of the energy company’s stock after acquiring an additional 88,295 shares during the quarter. Bank of New York Mellon Corp owned 0.28% of Approach Resources worth $649,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 75.39% of the company’s stock.

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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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Earnings History for Approach Resources (NASDAQ:AREX)

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