Approach Resources Inc. (NASDAQ:AREX) – Equities researchers at KeyCorp raised their FY2017 earnings estimates for shares of Approach Resources in a research note issued to investors on Tuesday. KeyCorp analyst D. Deckelbaum now anticipates that the energy company will post earnings per share of ($0.33) for the year, up from their prior estimate of ($0.34). KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Approach Resources’ Q4 2017 earnings at ($0.04) EPS, Q1 2018 earnings at ($0.01) EPS, Q2 2018 earnings at ($0.01) EPS, Q3 2018 earnings at ($0.01) EPS, Q4 2018 earnings at $0.00 EPS, FY2018 earnings at ($0.03) EPS and FY2019 earnings at $0.01 EPS.
AREX has been the topic of several other research reports. ValuEngine downgraded Approach Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. 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 note on Tuesday, October 31st. Imperial Capital initiated coverage on Approach Resources in a research note on Friday, August 18th. They issued an “in-line” rating and a $2.50 price target on the stock. Robert W. Baird reissued a “hold” rating and issued a $4.00 price target on shares of Approach Resources in a research note on Tuesday, September 26th. Finally, Scotiabank reissued a “hold” rating and issued a $3.00 price target on shares of Approach Resources in a research note on Wednesday, November 22nd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative return on equity of 6.39% and a negative net margin of 165.95%. The firm had revenue of $25.61 million for the quarter, compared to the consensus estimate of $25.74 million.
Several large investors have recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS increased its position in shares of Approach Resources by 68.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 61,700 shares of the energy company’s stock valued at $155,000 after acquiring an additional 25,000 shares during the last quarter. California State Teachers Retirement System acquired a new stake in shares of Approach Resources in the second quarter valued at about $257,000. State Street Corp increased its position in shares of Approach Resources by 2,151.6% in the second quarter. State Street Corp now owns 491,375 shares of the energy company’s stock valued at $1,657,000 after acquiring an additional 469,552 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in shares of Approach Resources in the second quarter valued at about $910,000. Finally, Virtu KCG Holdings LLC increased its position in shares of Approach Resources by 182.8% in the second quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock valued at $108,000 after acquiring an additional 20,705 shares during the last quarter. 24.67% of the stock is currently owned by institutional investors and hedge funds.
In related news, major shareholder Wilks Brothers, Llc bought 50,000 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were acquired at an average price of $2.53 per share, with a total value of $126,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 939,398 shares of company stock worth $2,304,970. 5.10% of the stock is owned by company insiders.
About Approach Resources
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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