Zacks Investment Research upgraded shares of Montage Resources (NYSE:MR) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. They currently have $3.25 price target on the medical instruments supplier’s stock.

According to Zacks, “Montage Resources Corporation is an exploration and production company. It is principally focused on the Utica and Marcellus Shales of southeast Ohio, West Virginia and North Central Pennsylvania. Montage Resources Corporation, formerly known as Eclipse Resources Corp, is based in IRVING, Texas. “

Several other research analysts have also recently issued reports on the company. Imperial Capital cut their target price on Montage Resources from $9.00 to $6.00 and set an inline rating on the stock in a research report on Wednesday, July 10th. Royal Bank of Canada set a $17.00 target price on Montage Resources and gave the company a buy rating in a research report on Friday, August 9th. Finally, Capital One Financial raised Montage Resources from an underweight rating to an equal weight rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $8.75.

Shares of NYSE:MR opened at $2.98 on Wednesday. The stock has a market capitalization of $109.26 million, a PE ratio of 3.40 and a beta of 1.69. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.49 and a current ratio of 0.49. Montage Resources has a 12-month low of $2.59 and a 12-month high of $22.20. The firm’s 50 day moving average is $3.48.

Montage Resources (NYSE:MR) last announced its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.44. The company had revenue of $155.54 million for the quarter, compared to analysts’ expectations of $145.23 million. Montage Resources had a return on equity of 9.50% and a net margin of 9.01%. As a group, analysts anticipate that Montage Resources will post 1.65 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. ClariVest Asset Management LLC bought a new position in Montage Resources in the 2nd quarter worth about $347,000. UBS Asset Management Americas Inc. bought a new position in Montage Resources in the 2nd quarter worth about $61,000. D. E. Shaw & Co. Inc. increased its stake in Montage Resources by 171.6% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 275,148 shares of the medical instruments supplier’s stock worth $1,678,000 after acquiring an additional 173,857 shares during the last quarter. Point72 Hong Kong Ltd increased its stake in Montage Resources by 322.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 5,003 shares of the medical instruments supplier’s stock worth $31,000 after acquiring an additional 3,820 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Montage Resources by 93.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 22,549 shares of the medical instruments supplier’s stock worth $138,000 after acquiring an additional 10,915 shares during the last quarter. 75.46% of the stock is currently owned by institutional investors and hedge funds.

Montage Resources Company Profile

Montage Resources Corporation operates as an oil and natural gas exploration and production company. As of December 31, 2018, it had an acreage position comprising approximately 241,000 net acres in Ohio and Pennsylvania; and had estimated proved reserves of 1,864.7 billion cubic feet of natural gas equivalent.

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