Alta Mesa Resources (AMR) Downgraded to Sell at Zacks Investment Research
Alta Mesa Resources (NASDAQ:AMR) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Friday.
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. “
Other equities research analysts have also recently issued reports about the stock. ValuEngine cut shares of Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 29th. Goldman Sachs Group started coverage on shares of Alta Mesa Resources in a research report on Tuesday, July 10th. They set a “buy” rating and a $8.25 price objective for the company. Guggenheim assumed coverage on shares of Alta Mesa Resources in a research report on Monday, July 30th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Imperial Capital lowered shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and lowered their target price for the stock from $11.00 to $8.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $9.09.
Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings data on Tuesday, August 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.14). The company had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. Alta Mesa Resources’s revenue for the quarter was up 16.7% on a year-over-year basis. equities analysts forecast that Alta Mesa Resources will post 0.66 EPS for the current year.
Alta Mesa Resources announced that its Board of Directors has approved a stock repurchase program on Tuesday, August 14th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Alta Mesa Resources in the 1st quarter worth about $105,000. Teacher Retirement System of Texas acquired a new position in Alta Mesa Resources in the 2nd quarter valued at about $105,000. California Public Employees Retirement System acquired a new position in Alta Mesa Resources in the 2nd quarter valued at about $119,000. Quantitative Systematic Strategies LLC acquired a new position in Alta Mesa Resources in the 1st quarter valued at about $143,000. Finally, Citigroup Inc. acquired a new position in Alta Mesa Resources in the 1st quarter valued at about $161,000. Institutional investors own 50.28% 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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