Zacks Investment Research Downgrades Alta Mesa Resources (AMR) to Sell

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Alta Mesa Resources (NASDAQ:AMR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Alta Mesa Resources, Inc. is an exploration and production company which focused on the development and acquisition of unconventional oil and natural gas reserves primarily in the eastern portion of the Anadarko Basin. Alta Mesa Resources Inc., formerly known as SILVER RUN ACQ, is based in TX, United States. “

Other equities research analysts also recently issued reports about the stock. Goldman Sachs Group decreased their target price on shares of Alta Mesa Resources to $6.50 in a research report on Sunday, December 2nd. Imperial Capital set a $6.00 price objective on Alta Mesa Resources and gave the company a “hold” rating in a research note on Wednesday, January 2nd. Finally, ValuEngine upgraded Alta Mesa Resources from a “strong sell” rating to a “sell” rating in a research report on Friday, January 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $8.14.

NASDAQ AMR opened at $0.98 on Tuesday. Alta Mesa Resources has a 1 year low of $0.75 and a 1 year high of $8.80. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.20.

Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings data on Tuesday, November 13th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). The firm had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $130.23 million. The business’s quarterly revenue was up 161.2% on a year-over-year basis. On average, analysts expect that Alta Mesa Resources will post 0.06 earnings per share for the current year.

A number of large investors have recently bought and sold shares of AMR. BlackRock Inc. boosted its stake in Alta Mesa Resources by 113.2% in the 2nd quarter. BlackRock Inc. now owns 6,879,701 shares of the company’s stock worth $46,850,000 after purchasing an additional 3,652,443 shares in the last quarter. SCP Investment LP acquired a new stake in shares of Alta Mesa Resources in the 3rd quarter valued at $8,608,000. Northern Trust Corp increased its position in Alta Mesa Resources by 450.7% during the second quarter. Northern Trust Corp now owns 1,185,943 shares of the company’s stock worth $8,076,000 after buying an additional 970,581 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Alta Mesa Resources by 1,287.5% in the third quarter. Dimensional Fund Advisors LP now owns 956,656 shares of the company’s stock valued at $3,999,000 after purchasing an additional 887,707 shares during the period. Finally, Vanguard Group Inc increased its stake in shares of Alta Mesa Resources by 8.2% during the 3rd quarter. Vanguard Group Inc now owns 7,740,266 shares of the company’s stock worth $32,354,000 after purchasing an additional 584,171 shares during the last quarter. 50.10% of the stock is currently owned by institutional investors and hedge funds.

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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