Approach Resources Inc. (NASDAQ:AREX) – Analysts at Seaport Global Securities decreased their Q2 2018 earnings estimates for shares of Approach Resources in a research note issued on Wednesday. Seaport Global Securities analyst M. Kelly now forecasts that the energy company will post earnings of ($0.07) per share for the quarter, down from their previous forecast of ($0.06). Seaport Global Securities currently has a “Neutral” rating and a $3.50 price target on the stock. Seaport Global Securities also issued estimates for Approach Resources’ FY2018 earnings at ($0.29) EPS.
Approach Resources (NASDAQ:AREX) last posted its earnings results on Thursday, May 4th. The energy company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). Approach Resources had a negative net margin of 49.87% and a negative return on equity of 6.45%. The firm had revenue of $26.40 million for the quarter, compared to the consensus estimate of $25.96 million. During the same period in the previous year, the firm posted ($0.32) EPS. The business’s quarterly revenue was up 50.0% on a year-over-year basis.
A number of other equities research analysts have also recently commented on AREX. Scotiabank set a $3.00 target price on shares of Approach Resources and gave the company a “hold” rating in a research report on Saturday, May 6th. Zacks Investment Research cut shares of Approach Resources from a “buy” rating to a “hold” rating in a research report on Thursday, February 16th. Finally, KLR Group reiterated a “buy” rating and issued a $4.00 target price (down from $4.25) on shares of Approach Resources in a research report on Tuesday, March 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Approach Resources presently has a consensus rating of “Hold” and a consensus price target of $3.85.
Shares of Approach Resources (NASDAQ:AREX) opened at 2.71 on Friday. The stock has a 50 day moving average of $2.52 and a 200-day moving average of $2.91. The company’s market capitalization is $190.81 million. Approach Resources has a 12-month low of $1.35 and a 12-month high of $4.35.
Large investors have recently added to or reduced their stakes in the company. Edge Wealth Management LLC purchased a new stake in Approach Resources during the first quarter valued at about $100,000. Segantii Capital Management Ltd boosted its stake in Approach Resources by 536.8% in the first quarter. Segantii Capital Management Ltd now owns 48,400 shares of the energy company’s stock valued at $121,000 after buying an additional 40,800 shares during the last quarter. Airain ltd purchased a new stake in Approach Resources during the first quarter valued at about $166,000. Schroder Investment Management Group purchased a new stake in Approach Resources during the first quarter valued at about $174,000. Finally, Eagle Global Advisors LLC boosted its stake in Approach Resources by 18.9% in the first quarter. Eagle Global Advisors LLC now owns 77,638 shares of the energy company’s stock valued at $195,000 after buying an additional 12,350 shares during the last quarter. Hedge funds and other institutional investors own 49.46% of the company’s stock.
In other news, Director Vean J. Gregg III acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was purchased at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the transaction, the director now owns 131,749 shares in the company, valued at $395,247. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Wilks Brothers, Llc acquired 375,000 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were purchased at an average price of $2.79 per share, with a total value of $1,046,250.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,035,000 shares of company stock valued at $2,971,750. 7.80% of the stock is owned by company insiders.
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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