Approach Resources (AREX) Posts Earnings Results, Beats Estimates By $0.06 EPS
Approach Resources (NASDAQ:AREX) issued its earnings results on Thursday. The energy company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.06, Fidelity Earnings reports. Approach Resources had a net margin of 18.38% and a negative return on equity of 4.52%. The business had revenue of $32.56 million for the quarter, compared to the consensus estimate of $30.07 million.
Shares of AREX stock traded down $0.03 during mid-day trading on Friday, reaching $1.60. The company’s stock had a trading volume of 254,508 shares, compared to its average volume of 214,147. Approach Resources has a 12-month low of $1.46 and a 12-month high of $4.21. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64. The company has a market cap of $154.01 million, a PE ratio of -4.44 and a beta of 2.72.
AREX has been the topic of a number of research reports. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.25 target price on the stock in a research note on Tuesday, September 18th. KLR Group reissued a “hold” rating and issued a $3.00 target price on shares of Approach Resources in a research note on Monday, August 20th. Six research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus price target of $2.75.
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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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