Alta Mesa Resources Inc (NASDAQ:AMR) has received an average rating of “Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $9.24.

Several brokerages have recently weighed in on AMR. Zacks Investment Research upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Stifel Nicolaus lowered their target price on Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, August 22nd. ValuEngine upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating in a report on Monday, August 20th. Guggenheim reaffirmed a “buy” rating and set a $8.70 price target on shares of Alta Mesa Resources in a research report on Thursday, August 16th. Finally, Imperial Capital lowered shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and reduced their price target for the company from $11.00 to $8.00 in a research report on Wednesday, August 15th.

Shares of Alta Mesa Resources stock opened at $3.24 on Wednesday. Alta Mesa Resources has a 1-year low of $2.80 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 (NASDAQ:AMR) last issued its earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million during the quarter, compared to analyst estimates of $131.93 million. The business’s revenue was up 16.7% compared to the same quarter last year. As a group, research analysts expect that Alta Mesa Resources will post 0.12 earnings per share for the current year.

Alta Mesa Resources announced that its board has approved a stock buyback plan on Tuesday, August 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

In other news, Director Bayou City Energy Management L purchased 422,000 shares of Alta Mesa Resources stock in a transaction dated Thursday, August 30th. The shares were purchased at an average price of $4.89 per share, with a total value of $2,063,580.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have bought 4,133,911 shares of company stock worth $18,294,607. Corporate insiders own 0.21% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in AMR. Cubist Systematic Strategies LLC purchased a new stake in shares of Alta Mesa Resources during the 1st quarter valued at approximately $105,000. Teacher Retirement System of Texas purchased a new stake in shares of Alta Mesa Resources during the 2nd quarter valued at approximately $105,000. California Public Employees Retirement System purchased a new stake in shares of Alta Mesa Resources during the 2nd quarter valued at approximately $119,000. SG Americas Securities LLC purchased a new stake in Alta Mesa Resources in the second quarter valued at approximately $146,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in Alta Mesa Resources in the second quarter valued at approximately $153,000. 53.52% of the stock is currently owned by hedge funds and other institutional investors.

Alta Mesa Resources Company Profile

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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