Imperial Capital Weighs in on Approach Resources Inc.’s Q1 2019 Earnings (NASDAQ:AREX)

Approach Resources Inc. (NASDAQ:AREX) – Equities researchers at Imperial Capital issued their Q1 2019 earnings estimates for Approach Resources in a report issued on Wednesday, March 20th, according to Zacks Investment Research. Imperial Capital analyst I. Haas forecasts that the energy company will earn ($0.11) per share for the quarter. Imperial Capital currently has a “Underperform” rating and a $0.40 target price on the stock. Imperial Capital also issued estimates for Approach Resources’ Q2 2019 earnings at ($0.11) EPS, Q3 2019 earnings at ($0.10) EPS, Q4 2019 earnings at ($0.08) EPS and FY2019 earnings at ($0.40) EPS.

Several other equities analysts have also issued reports on AREX. Zacks Investment Research lowered shares of Approach Resources from a “buy” rating to a “hold” rating in a report on Monday, January 28th. ValuEngine raised shares of Approach Resources from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Finally, EuroPacific Canada lowered shares of Approach Resources from a “neutral” rating to a “sell” rating in a report on Tuesday, March 19th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $1.72.

NASDAQ AREX traded down $0.01 on Friday, hitting $0.41. The stock had a trading volume of 445,235 shares, compared to its average volume of 430,906. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.65. Approach Resources has a 52-week low of $0.30 and a 52-week high of $3.26. The firm has a market capitalization of $37.76 million, a P/E ratio of -1.52 and a beta of 2.79.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Monday, March 18th. The energy company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.01). Approach Resources had a negative return on equity of 4.22% and a negative net margin of 17.46%. The company had revenue of $22.38 million during the quarter, compared to analysts’ expectations of $30.16 million.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Approach Resources by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 531,253 shares of the energy company’s stock worth $463,000 after purchasing an additional 32,712 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of Approach Resources during the 4th quarter worth about $160,000. Rhumbline Advisers raised its position in shares of Approach Resources by 34.6% during the 4th quarter. Rhumbline Advisers now owns 60,842 shares of the energy company’s stock worth $53,000 after purchasing an additional 15,640 shares during the last quarter. Finally, Bridgeway Capital Management Inc. raised its position in shares of Approach Resources by 4.4% during the 3rd quarter. Bridgeway Capital Management Inc. now owns 1,008,400 shares of the energy company’s stock worth $2,249,000 after purchasing an additional 42,600 shares during the last quarter. Hedge funds and other institutional investors own 70.09% of the company’s stock.

About Approach Resources

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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