Alta Mesa Resources Inc (NASDAQ:AMR)’s share price hit a new 52-week low on Thursday . The company traded as low as $1.45 and last traded at $1.58, with a volume of 117477 shares changing hands. The stock had previously closed at $1.61.
A number of brokerages recently weighed in on AMR. Goldman Sachs Group cut Alta Mesa Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $6.50 to $2.50 in a report on Tuesday, November 27th. Zacks Investment Research lowered Alta Mesa Resources from a “buy” rating to a “sell” rating in a research report on Friday, August 17th. Imperial Capital lowered Alta Mesa Resources from an “outperform” rating to an “in-line” rating and reduced their price target for the stock from $11.00 to $8.00 in a research report on Wednesday, August 15th. ValuEngine lowered Alta Mesa Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, November 21st. Finally, Guggenheim restated a “buy” rating and set a $8.70 price target on shares of Alta Mesa Resources in a research report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $8.14.
The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.20.
Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings results on Tuesday, November 13th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $164.80 million during the quarter, compared to analyst estimates of $130.23 million. The business’s revenue for the quarter was up 161.2% compared to the same quarter last year. As a group, research analysts predict that Alta Mesa Resources Inc will post 0.11 EPS for the current year.
Alta Mesa Resources declared that its board has initiated 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 an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas bought a new position in Alta Mesa Resources during the 2nd quarter worth approximately $105,000. California Public Employees Retirement System bought a new position in Alta Mesa Resources during the 2nd quarter worth approximately $119,000. SG Americas Securities LLC bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth approximately $146,000. NumerixS Investment Technologies Inc bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth approximately $153,000. Finally, PEAK6 Investments L.P. bought a new stake in shares of Alta Mesa Resources in the 2nd quarter worth approximately $183,000. Institutional investors and hedge funds own 50.11% of the company’s stock.
Alta Mesa Resources Company Profile (NASDAQ:AMR)
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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