Zacks: Analysts Anticipate Alta Mesa Resources Inc (AMR) to Post $0.07 EPS

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Wall Street analysts predict that Alta Mesa Resources Inc (NASDAQ:AMR) will report $0.07 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Alta Mesa Resources’ earnings, with the highest EPS estimate coming in at $0.08 and the lowest estimate coming in at $0.06. The company is expected to announce its next quarterly earnings report on Monday, November 12th.

According to Zacks, analysts expect that Alta Mesa Resources will report full-year earnings of $0.14 per share for the current year, with EPS estimates ranging from $0.09 to $0.18. For the next financial year, analysts expect that the company will post earnings of $0.63 per share, with EPS estimates ranging from $0.62 to $0.63. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Alta Mesa Resources.

Alta Mesa Resources (NASDAQ:AMR) last released its quarterly earnings data 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 company’s revenue was up 16.7% on a year-over-year basis.

AMR has been the topic of several recent analyst reports. Stifel Nicolaus cut their price objective 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 cut Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 29th. Zacks Investment Research upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating and set a $7.50 price objective on the stock in a report on Thursday, May 31st. Goldman Sachs Group initiated coverage on Alta Mesa Resources in a report on Tuesday, July 10th. They set a “buy” rating and a $8.25 price objective on the stock. Finally, Guggenheim initiated coverage on Alta Mesa Resources in a report on Monday, July 30th. They set a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.89.

NASDAQ:AMR opened at $4.69 on Friday. Alta Mesa Resources has a fifty-two week low of $4.04 and a fifty-two week 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 declared that its board has authorized a stock 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 reacquire up to 2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director Bayou City Energy Management L bought 422,000 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were purchased at an average price of $4.89 per share, for a total transaction of $2,063,580.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.21% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Alta Mesa Resources by 381.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 429,912 shares of the company’s stock valued at $2,927,000 after acquiring an additional 340,568 shares in the last quarter. California Public Employees Retirement System bought a new stake in Alta Mesa Resources in the 2nd quarter valued at approximately $119,000. Putnam Investments LLC bought a new stake in Alta Mesa Resources in the 2nd quarter valued at approximately $3,264,000. PEAK6 Investments L.P. bought a new stake in Alta Mesa Resources in the 2nd quarter valued at approximately $183,000. Finally, Bank of America Corp DE lifted its stake in Alta Mesa Resources by 1,630.6% in the 2nd quarter. Bank of America Corp DE now owns 38,765 shares of the company’s stock valued at $264,000 after acquiring an additional 36,525 shares in the last quarter. Hedge funds and other institutional investors own 53.52% 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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