Approach Resources (AREX) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $-0.32 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $-0.33. The company posted revenue of $17.60 million in the period, compared to analysts expectations of $21.92 million. The company’s revenue was down -47.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.03 EPS.
Approach Resources closed down -0.3 points or -10.24% at $2.63 with 7,56,606 shares getting traded on Monday. Post opening the session at $2.96, the shares hit an intraday low of $2.54 and an intraday high of $2.9894 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
Approach Resources Inc. is an independent energy company. The Company is engaged in the exploration development production and acquisition of oil and gas properties in the Midland Basin of the greater Permian Basin in West Texas. The Company focuses on finding and developing oil and natural gas reserves in oil shale and tight gas sands. The Company is developing resource potential from the Wolfcamp shale oil formation. The Company’s additional drilling targets include the Clearfork Canyon Sands Strawn and Ellenburger zones. The Company refers its development project in the Permian Basin as Project Pangea which includes Pangea West. The Company also owns interest in the East Texas Basin. The Company owns and operates approximately 729 producing oil and gas wells in the Permian Basin.