ValuEngine Downgrades Alta Mesa Resources (AMR) to Sell

Alta Mesa Resources (NASDAQ:AMR) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

AMR has been the topic of several other reports. Zacks Investment Research lowered shares of Alta Mesa Resources from a “buy” rating to a “sell” rating in a research note on Friday, August 17th. Imperial Capital lowered shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and lowered their price target for the company from $11.00 to $8.00 in a research note on Wednesday, August 15th. Guggenheim reiterated a “buy” rating and issued a $8.70 price target on shares of Alta Mesa Resources in a research note on Thursday, August 16th. Finally, Stifel Nicolaus lowered their price target on shares of Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, August 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Alta Mesa Resources presently has a consensus rating of “Hold” and a consensus price target of $8.49.

Shares of AMR stock opened at $2.13 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.59 and a current ratio of 0.59. Alta Mesa Resources has a 1 year low of $2.01 and a 1 year high of $10.79.

Alta Mesa Resources (NASDAQ:AMR) last issued its quarterly earnings results on Tuesday, November 13th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $130.23 million. The company’s revenue for the quarter was up 161.2% compared to the same quarter last year. Equities analysts anticipate that Alta Mesa Resources will post 0.12 earnings per share for the current year.

Alta Mesa Resources announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 14th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other news, Director Bayou City Energy Management L acquired 311,111 shares of the stock in a transaction dated Friday, September 7th. The shares were bought at an average cost of $4.73 per share, for a total transaction of $1,471,555.03. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.21% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in AMR. Wells Fargo & Company MN increased its stake in shares of Alta Mesa Resources by 33.0% during the 2nd quarter. Wells Fargo & Company MN now owns 1,831,064 shares of the company’s stock worth $12,470,000 after purchasing an additional 454,439 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Alta Mesa Resources during the 2nd quarter worth about $521,000. Rhumbline Advisers acquired a new position in shares of Alta Mesa Resources during the 2nd quarter worth about $686,000. Teacher Retirement System of Texas acquired a new position in Alta Mesa Resources in the 2nd quarter valued at about $105,000. Finally, Bank of New York Mellon Corp grew 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 buying an additional 340,568 shares during the last quarter. Institutional investors own 55.07% of the company’s stock.

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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