Zacks Investment Research lowered shares of Alta Mesa Resources (NASDAQ:AMR) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Alta Mesa Resources, Inc. is an exploration and production company which focused on the development and acquisition of unconventional oil and natural gas reserves primarily in the eastern portion of the Anadarko Basin. Alta Mesa Resources Inc., formerly known as SILVER RUN ACQ, is based in TX, United States. “
Several other analysts have also issued reports on the stock. Stifel Nicolaus dropped their target price on shares of Alta Mesa Resources from $13.00 to $12.00 and set a buy rating on the stock in a research report on Wednesday, August 22nd. ValuEngine upgraded shares of Alta Mesa Resources from a sell rating to a hold rating in a research report on Monday, August 20th. Guggenheim reiterated a buy rating and issued a $8.70 target price on shares of Alta Mesa Resources in a research report on Thursday, August 16th. Imperial Capital lowered shares of Alta Mesa Resources from an outperform rating to an in-line rating and dropped their target price for the company from $11.00 to $8.00 in a research report on Wednesday, August 15th. Finally, Goldman Sachs Group assumed coverage on shares of Alta Mesa Resources in a research report on Tuesday, July 10th. They issued a buy rating and a $8.25 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $8.89.
Shares of NASDAQ AMR opened at $3.75 on Tuesday. Alta Mesa Resources has a 52-week low of $3.65 and a 52-week high of $10.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17.
Alta Mesa Resources (NASDAQ:AMR) last announced its earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million for the quarter, compared to analyst estimates of $131.93 million. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Alta Mesa Resources will post 0.14 earnings per share for the current year.
Alta Mesa Resources declared that its board has authorized a share repurchase program on Tuesday, August 14th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other Alta Mesa Resources news, Director Bayou City Energy Management L purchased 311,111 shares of the stock in a transaction that occurred on Friday, September 7th. The shares were purchased at an average cost of $4.73 per share, for a total transaction of $1,471,555.03. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased 4,133,911 shares of company stock worth $18,294,607 over the last 90 days. 0.21% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of AMR. Sanders Morris Harris LLC boosted its holdings in Alta Mesa Resources by 256.7% in the 3rd quarter. Sanders Morris Harris LLC now owns 745,748 shares of the company’s stock valued at $3,118,000 after purchasing an additional 536,698 shares during the last quarter. Northern Trust Corp raised its stake in shares of Alta Mesa Resources by 450.7% in the 2nd quarter. Northern Trust Corp now owns 1,185,943 shares of the company’s stock valued at $8,076,000 after acquiring an additional 970,581 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Alta Mesa Resources by 381.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 429,912 shares of the company’s stock valued at $2,927,000 after acquiring an additional 340,568 shares during the period. California Public Employees Retirement System purchased a new stake in shares of Alta Mesa Resources in the 2nd quarter valued at approximately $119,000. Finally, Putnam Investments LLC purchased a new stake in shares of Alta Mesa Resources in the 2nd quarter valued at approximately $3,264,000. Hedge funds and other institutional investors own 53.35% of the company’s stock.
About Alta Mesa Resources
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.
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