Approach Resources (AREX) closed at $0.17 in the latest trading session, marking a -0.95% move from the prior day. This move lagged the S&P 500's daily loss of 0.49%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 0.8%.
Heading into today, shares of the oil and gas company had lost 16.68% over the past month, lagging the Oils-Energy sector's gain of 6.28% and the S&P 500's gain of 3% in that time.
Wall Street will be looking for positivity from AREX as it approaches its next earnings report date. Our most recent consensus estimate is calling for quarterly revenue of $20.61 million, down 36.7% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.40 per share and revenue of $81.66 million, which would represent changes of -53.85% and -28.39%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for AREX. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. AREX is currently sporting a Zacks Rank of #3 (Hold).
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 153, putting it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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