Scotiabank Initiates Coverage on Atlas Energy Solutions (NYSE:AESI)

Equities researchers at Scotiabank started coverage on shares of Atlas Energy Solutions (NYSE:AESI) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “sector outperform” rating and a $14.00 price target on the stock. Scotiabank’s target price suggests a potential upside of 14.59% from the company’s previous close.

AESI has been the subject of a number of other reports. Citigroup cut their price target on Atlas Energy Solutions from $21.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, September 3rd. Weiss Ratings downgraded shares of Atlas Energy Solutions from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, August 7th. The Goldman Sachs Group set a $12.00 price target on Atlas Energy Solutions in a research report on Friday, August 7th. Stifel Nicolaus lowered their price target on Atlas Energy Solutions from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Barclays raised Atlas Energy Solutions from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $14.00 in a research report on Monday. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.22.

Atlas Energy Solutions Stock Performance

Shares of AESI traded down $0.08 during trading hours on Tuesday, reaching $12.22. 83,769 shares of the company traded hands, compared to its average volume of 3,563,352. The stock has a market capitalization of $1.53 billion, a P/E ratio of -12.85 and a beta of 1.17. The business has a fifty day moving average price of $12.46 and a 200-day moving average price of $14.45. Atlas Energy Solutions has a 12-month low of $7.64 and a 12-month high of $20.13. The company has a quick ratio of 1.58, a current ratio of 1.82 and a debt-to-equity ratio of 0.87.

Atlas Energy Solutions (NYSE:AESI) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The business had revenue of $293.18 million during the quarter, compared to analyst estimates of $282.24 million. Atlas Energy Solutions had a negative return on equity of 9.57% and a negative net margin of 11.08%.The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. Equities analysts anticipate that Atlas Energy Solutions will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Energy Solutions

A number of large investors have recently bought and sold shares of AESI. Islay Capital Management LLC bought a new stake in Atlas Energy Solutions during the fourth quarter worth $28,000. State of Wyoming bought a new position in Atlas Energy Solutions in the 1st quarter valued at approximately $48,000. Abel Hall LLC acquired a new stake in Atlas Energy Solutions during the 1st quarter worth approximately $131,000. AXQ Capital LP acquired a new stake in Atlas Energy Solutions during the 4th quarter worth approximately $101,000. Finally, Headlands Technologies LLC acquired a new position in Atlas Energy Solutions in the 2nd quarter valued at approximately $278,000. Institutional investors and hedge funds own 34.59% of the company’s stock.

About Atlas Energy Solutions

Atlas Energy Solutions Inc (NYSE:AESI) provides proppant and logistics services to oil and natural gas producers, primarily operating in the Permian Basin of West Texas and New Mexico. The company supplies frac sand used in hydraulic fracturing to help keep underground rock fractures open and support the recovery of hydrocarbons.

The company operates sand mines, processing facilities and related infrastructure in the Permian Basin. Its product offerings include various grades and sizes of frac sand, including commonly used 40/70 and 100-mesh products.