Putnam Investments LLC Buys New Position in Alta Mesa Resources Inc (AMR)
Putnam Investments LLC bought a new stake in Alta Mesa Resources Inc (NASDAQ:AMR) in the second quarter, HoldingsChannel.com reports. The firm bought 479,300 shares of the company’s stock, valued at approximately $3,264,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN purchased a new position in Alta Mesa Resources during the first quarter valued at $11,013,000. Schwab Charles Investment Management Inc. purchased a new position in Alta Mesa Resources during the first quarter valued at $2,399,000. Northern Trust Corp purchased a new position in Alta Mesa Resources during the first quarter valued at $1,723,000. BlackRock Inc. purchased a new position in Alta Mesa Resources during the first quarter valued at $25,818,000. Finally, Citigroup Inc. purchased a new position in Alta Mesa Resources during the first quarter valued at $161,000. Institutional investors own 53.35% of the company’s stock.
AMR stock opened at $4.15 on Tuesday. Alta Mesa Resources Inc has a 1-year low of $4.04 and a 1-year 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 announced that its Board of Directors has approved a stock buyback program on Tuesday, August 14th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Alta Mesa Resources news, Director Bayou City Energy Management L purchased 311,111 shares of the firm’s stock in a transaction dated Friday, September 7th. The stock was purchased at an average price 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 through this hyperlink. Insiders bought 4,133,911 shares of company stock valued at $18,294,607 in the last 90 days. Company insiders own 0.21% of the company’s stock.
A number of research analysts have issued reports on AMR shares. Guggenheim started coverage on Alta Mesa Resources in a research note on Monday, July 30th. They set a “buy” rating and a $10.00 price objective for the company. Stifel Nicolaus lowered their price objective on Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 22nd. Goldman Sachs Group started coverage on Alta Mesa Resources in a research note on Tuesday, July 10th. They set a “buy” rating and a $8.25 price objective for the company. ValuEngine upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Finally, Zacks Investment Research upgraded Alta Mesa Resources from a “hold” rating to a “buy” rating and set a $7.50 price objective for the company in a research note on Friday, July 20th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Alta Mesa Resources presently has an average rating of “Buy” and an average target price of $8.89.
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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