Alta Mesa Resources (AMR) Rating Increased to Hold at Zacks Investment Research
Alta Mesa Resources (NASDAQ:AMR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
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. “
A number of other research analysts have also recently weighed in on AMR. ValuEngine upgraded shares of Alta Mesa Resources from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 14th. Imperial Capital cut shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and lowered their target price for the company from $11.00 to $8.00 in a research note on Wednesday, August 15th. Guggenheim restated a “buy” rating and set a $8.70 target price on shares of Alta Mesa Resources in a research note on Thursday, August 16th. Goldman Sachs Group assumed coverage on shares of Alta Mesa Resources in a research note on Tuesday, July 10th. They set a “buy” rating and a $8.25 target price on the stock. Finally, Stifel Nicolaus lowered 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 note on Wednesday, August 22nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $8.89.
Alta Mesa Resources (NASDAQ:AMR) last released its earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.14). The company had revenue of $93.14 million for the quarter, compared to the consensus estimate of $131.93 million. The business’s revenue was up 16.7% on a year-over-year basis. equities 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 has authorized a share repurchase plan on Tuesday, August 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In related news, Director Bayou City Energy Management L purchased 422,000 shares of Alta Mesa Resources stock in a transaction on Thursday, August 30th. The shares were bought at an average cost of $4.89 per share, for a total transaction of $2,063,580.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 4,133,911 shares of company stock worth $18,294,607. 0.21% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new stake in Alta Mesa Resources in the 1st quarter valued at $105,000. Teacher Retirement System of Texas bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth about $105,000. California Public Employees Retirement System bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth about $119,000. SG Americas Securities LLC bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth about $146,000. Finally, NumerixS Investment Technologies Inc bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth about $153,000. Institutional investors own 53.31% 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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