HITE Hedge Asset Management LLC Takes Position in American Resources Corporation $AREC

HITE Hedge Asset Management LLC purchased a new stake in shares of American Resources Corporation (NASDAQ:AREC) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 2,318,401 shares of the company’s stock, valued at approximately $5,750,000. HITE Hedge Asset Management LLC owned approximately 2.29% of American Resources at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AREC. Millennium Management LLC purchased a new position in shares of American Resources during the 3rd quarter valued at $1,524,000. Goldman Sachs Group Inc. grew its position in shares of American Resources by 354.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 560,986 shares of the company’s stock valued at $1,391,000 after purchasing an additional 437,578 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of American Resources during the 3rd quarter valued at $790,000. SG Americas Securities LLC grew its position in shares of American Resources by 456.9% during the 4th quarter. SG Americas Securities LLC now owns 254,331 shares of the company’s stock valued at $631,000 after purchasing an additional 208,664 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in American Resources in the second quarter worth $139,000. 9.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AREC has been the subject of several research reports. Weiss Ratings lowered shares of American Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Wall Street Zen lowered shares of American Resources from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

American Resources Stock Down 1.4%

Shares of NASDAQ:AREC opened at $2.14 on Friday. American Resources Corporation has a 52-week low of $0.73 and a 52-week high of $7.11. The firm has a fifty day moving average of $2.26 and a 200 day moving average of $2.75. The firm has a market capitalization of $228.92 million, a PE ratio of -5.22 and a beta of 1.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.19 and a current ratio of 2.19.

American Resources (NASDAQ:AREC) last announced its earnings results on Tuesday, May 19th. The company reported $0.75 earnings per share (EPS) for the quarter. The company had revenue of ($0.10) million during the quarter. As a group, research analysts anticipate that American Resources Corporation will post -0.34 EPS for the current fiscal year.

American Resources Profile

American Resources Corporation (NASDAQ:AREC) is a diversified energy and critical minerals company focused on reclaiming coal refuse and mining high‐quality steam and metallurgical coal. The firm employs a vertically integrated business model that encompasses raw material extraction, on‐site processing and product delivery, supplying coal to power generators, steel manufacturers and industrial users.

Operating primarily in the Central Appalachian region of the United States, American Resources holds mining leases and reclamation permits across multiple sites in Kentucky, West Virginia and Indiana.