Shares of Alta Mesa Resources Inc (NASDAQ:AMR) have been given a consensus recommendation of “Hold” by the six analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $9.24.
Several equities analysts have recently weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, August 22nd. ValuEngine upgraded shares of Alta Mesa Resources from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Zacks Investment Research cut shares of Alta Mesa Resources from a “buy” rating to a “sell” rating in a research note on Friday, August 17th. Imperial Capital cut shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and lowered their price objective for the stock from $11.00 to $8.00 in a research note on Wednesday, August 15th. Finally, Guggenheim assumed coverage on shares of Alta Mesa Resources in a research note on Monday, July 30th. They issued a “buy” rating and a $10.00 price objective on the stock.
In other Alta Mesa Resources news, Director Bayou City Energy Management L acquired 422,000 shares of the stock in a transaction dated Thursday, August 30th. The shares were purchased at an average price of $4.89 per share, for a total transaction of $2,063,580.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders bought a total of 4,133,911 shares of company stock worth $18,294,607 in the last quarter. Company insiders own 0.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMR. Cubist Systematic Strategies LLC bought a new stake in Alta Mesa Resources during the 1st quarter worth approximately $105,000. Teacher Retirement System of Texas bought a new stake in Alta Mesa Resources during the 2nd quarter worth approximately $105,000. California Public Employees Retirement System bought a new stake in Alta Mesa Resources during the 2nd quarter worth approximately $119,000. Quantitative Systematic Strategies LLC bought a new stake in Alta Mesa Resources during the 1st quarter worth approximately $143,000. Finally, SG Americas Securities LLC bought a new stake in Alta Mesa Resources during the 2nd quarter worth approximately $146,000. Institutional investors own 53.35% of the company’s stock.
Shares of NASDAQ AMR opened at $4.48 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.94 and a quick ratio of 0.94. Alta Mesa Resources has a 52-week low of $4.04 and a 52-week high of $10.79.
Alta Mesa Resources (NASDAQ:AMR) last announced its quarterly earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.14). The firm had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. The company’s quarterly revenue was up 16.7% on a year-over-year basis. research analysts forecast that Alta Mesa Resources will post 0.14 earnings per share for the current fiscal year.
Alta Mesa Resources declared that its Board of Directors has authorized a stock buyback program on Tuesday, August 14th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
Alta Mesa Resources Company Profile
Alta Mesa Resources, Inc focuses on the acquisition and development of unconventional oil and natural gas reserves in the Anadarko Basin. It also offers midstream energy services, including crude oil and gas gathering, processing, and marketing to producers of natural gas, natural gas liquids, crude oil, and condensate in the STACK Play region of Oklahoma.
See Also: Is the Dow Jones Industrial Average (DJIA) still relevant?
Receive News & Ratings for Alta Mesa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alta Mesa Resources and related companies with MarketBeat.com's FREE daily email newsletter.