Alta Mesa Resources Inc (NASDAQ:AMR) saw a large growth in short interest in the month of September. As of September 28th, there was short interest totalling 15,900,617 shares, a growth 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 daily volume of 1,441,519 shares, the short-interest ratio is presently 11.0 days.
In related news, Director Bayou City Energy Management L purchased 422,000 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were bought at an average cost of $4.89 per share, with a total value of $2,063,580.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired a total of 4,133,911 shares of company stock worth $18,294,607 over the last ninety days. 0.21% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of AMR. Cubist Systematic Strategies LLC acquired a new stake in shares of Alta Mesa Resources during the 1st quarter valued at about $105,000. Teacher Retirement System of Texas acquired a new stake in shares of Alta Mesa Resources during the 2nd quarter valued at about $105,000. California Public Employees Retirement System acquired a new stake in shares of Alta Mesa Resources during the 2nd quarter valued at about $119,000. SG Americas Securities LLC acquired a new stake in shares of Alta Mesa Resources during the 2nd quarter valued at about $146,000. Finally, NumerixS Investment Technologies Inc purchased a new position in Alta Mesa Resources in the 2nd quarter valued at about $153,000. Hedge funds and other institutional investors own 53.35% of the company’s stock.
Several equities research analysts have weighed in on AMR shares. Guggenheim started coverage on Alta Mesa Resources in a research report on Monday, July 30th. They set a “buy” rating and a $10.00 price target on the stock. Zacks Investment Research raised Alta Mesa Resources from a “hold” rating to a “buy” rating and set a $7.50 price target on the stock in a research report on Friday, July 20th. Goldman Sachs Group began coverage on Alta Mesa Resources in a research report on Tuesday, July 10th. They set a “buy” rating and a $8.25 target price on the stock. Stifel Nicolaus dropped their target price on 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. Finally, ValuEngine upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Alta Mesa Resources presently has a consensus rating of “Hold” and a consensus target price of $8.89.
NASDAQ:AMR opened at $3.75 on Friday. Alta Mesa Resources has a 52 week low of $3.65 and a 52 week high of $10.79. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17.
Alta Mesa Resources (NASDAQ:AMR) last posted its earnings results on Tuesday, August 14th. The company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million during the quarter, compared to analysts’ expectations of $131.93 million. The business’s revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts forecast that Alta Mesa Resources will post 0.14 earnings per share for the current year.
Alta Mesa Resources announced that its board has approved a share buyback plan on Tuesday, August 14th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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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