Alta Mesa Resources Inc (AMR) Sees Significant Increase in Short Interest

Alta Mesa Resources Inc (NASDAQ:AMR) saw a large increase in short interest in the month of September. As of September 28th, there was short interest totalling 15,900,617 shares, an increase of 15.8% from the September 14th total of 13,731,590 shares. Currently, 15.0% of the shares of the company are short sold. Based on an average trading volume of 1,441,519 shares, the short-interest ratio is presently 11.0 days.

AMR has been the topic of several recent analyst reports. Stifel Nicolaus reduced their price objective on shares of Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 22nd. Zacks Investment Research upgraded shares of Alta Mesa Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. ValuEngine upgraded shares of Alta Mesa Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Goldman Sachs Group initiated 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 on the stock. Finally, Guggenheim initiated 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 on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $8.89.

Alta Mesa Resources stock opened at $3.75 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. Alta Mesa Resources has a 1 year low of $3.65 and a 1 year high of $10.79.

Alta Mesa Resources (NASDAQ:AMR) last released its quarterly earnings data on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. The company’s revenue was up 16.7% on a year-over-year basis. As a group, analysts expect that Alta Mesa Resources will post 0.14 earnings per share for the current year.

Alta Mesa Resources announced that its board has initiated a stock repurchase plan on Tuesday, August 14th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director Bayou City Energy Management L bought 311,111 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were bought at an average price of $4.73 per share, for a total transaction of $1,471,555.03. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have acquired 4,133,911 shares of company stock worth $18,294,607. 0.21% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its holdings in shares of Alta Mesa Resources by 33.0% in the second quarter. Wells Fargo & Company MN now owns 1,831,064 shares of the company’s stock valued at $12,470,000 after purchasing an additional 454,439 shares in the last quarter. Strs Ohio purchased a new position in shares of Alta Mesa Resources in the second quarter valued at $191,000. BlackRock Inc. purchased a new position in shares of Alta Mesa Resources in the first quarter valued at $25,818,000. Teacher Retirement System of Texas purchased a new position in shares of Alta Mesa Resources in the second quarter valued at $105,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Alta Mesa Resources by 79.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 538,998 shares of the company’s stock valued at $3,671,000 after purchasing an additional 239,218 shares in the last quarter. Hedge funds and other institutional investors own 53.35% 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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