Alta Mesa Resources (AMR) Stock Price Down 6.8%

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Alta Mesa Resources Inc (NASDAQ:AMR)’s share price traded down 6.8% during mid-day trading on Monday . The company traded as low as $3.01 and last traded at $3.02. 1,039,687 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 1,760,662 shares. The stock had previously closed at $3.24.

A number of equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Alta Mesa Resources from a “buy” rating to a “sell” rating in a research report on Friday, August 17th. Imperial Capital cut shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and decreased their price objective for the company from $11.00 to $8.00 in a research report on Wednesday, August 15th. Guggenheim restated a “buy” rating and issued a $8.70 price objective on shares of Alta Mesa Resources in a research report on Thursday, August 16th. Finally, ValuEngine upgraded shares of Alta Mesa Resources from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 14th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $8.89.

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.94 and a quick ratio of 0.94.

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 analysts’ consensus estimates of $0.10 by ($0.14). The business had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. The business’s revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts expect that Alta Mesa Resources Inc will post 0.12 earnings per share for the current fiscal year.

Alta Mesa Resources declared that its Board of Directors 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 reacquire up to 2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In related news, Director Bayou City Energy Management L purchased 3,400,800 shares of Alta Mesa Resources stock in a transaction that occurred on Tuesday, August 21st. The shares were bought at an average price of $4.34 per share, for a total transaction of $14,759,472.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 4,133,911 shares of company stock worth $18,294,607 in the last quarter. 0.21% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in Alta Mesa Resources during the first quarter worth about $105,000. Teacher Retirement System of Texas bought a new stake in Alta Mesa Resources during the second quarter worth about $105,000. California Public Employees Retirement System bought a new stake in Alta Mesa Resources during the second quarter worth about $119,000. Deprince Race & Zollo Inc. boosted its stake in Alta Mesa Resources by 32.5% during the second quarter. Deprince Race & Zollo Inc. now owns 83,500 shares of the company’s stock worth $569,000 after acquiring an additional 20,500 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Alta Mesa Resources during the second quarter worth about $146,000. Institutional investors own 53.52% of the company’s stock.

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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.

See Also: Earnings Reports

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