Short Interest in Montage Resources Corp (NYSE:MR) Rises By 32.6%

Montage Resources Corp (NYSE:MR) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 2,012,000 shares, a growth of 32.6% from the June 30th total of 1,517,200 shares. Currently, 36.9% of the shares of the company are short sold. Based on an average daily trading volume, of 444,400 shares, the short-interest ratio is presently 4.5 days.

A number of research analysts recently commented on the company. Zacks Investment Research cut Montage Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Imperial Capital decreased their target price on Montage Resources from $9.00 to $6.00 and set an “inline” rating on the stock in a research report on Wednesday, July 10th. Royal Bank of Canada set a $17.00 target price on Montage Resources and gave the company a “buy” rating in a research report on Friday, August 9th. ValuEngine cut Montage Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 25th. Finally, Capital One Financial upgraded Montage Resources from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $8.83.

In related news, CEO John K. Reinhart purchased 5,050 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average price of $9.90 per share, for a total transaction of $49,995.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.01% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Raging Capital Management LLC grew its position in Montage Resources by 56.4% in the second quarter. Raging Capital Management LLC now owns 1,506,259 shares of the medical instruments supplier’s stock valued at $9,188,000 after acquiring an additional 543,441 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Montage Resources by 142.4% during the second quarter. BlackRock Inc. now owns 1,294,257 shares of the medical instruments supplier’s stock valued at $7,894,000 after purchasing an additional 760,351 shares in the last quarter. Axar Capital Management L.P. acquired a new stake in shares of Montage Resources during the first quarter valued at about $18,755,000. Vanguard Group Inc. boosted its stake in shares of Montage Resources by 38.3% during the second quarter. Vanguard Group Inc. now owns 593,426 shares of the medical instruments supplier’s stock valued at $3,620,000 after purchasing an additional 164,379 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Montage Resources by 36,247.0% during the second quarter. JPMorgan Chase & Co. now owns 520,125 shares of the medical instruments supplier’s stock valued at $3,131,000 after purchasing an additional 518,694 shares in the last quarter. Hedge funds and other institutional investors own 71.03% of the company’s stock.

Montage Resources stock traded down $0.27 during midday trading on Wednesday, reaching $3.19. The company’s stock had a trading volume of 21,605 shares, compared to its average volume of 274,135. Montage Resources has a 52 week low of $2.61 and a 52 week high of $26.25. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average is $4.38.

Montage Resources (NYSE:MR) last released its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.44. Montage Resources had a return on equity of 10.17% and a net margin of 9.01%. The firm had revenue of $155.54 million for the quarter, compared to analysts’ expectations of $145.23 million. As a group, analysts expect that Montage Resources will post 0.81 earnings per share for the current year.

About Montage Resources

Montage Resources Corporation operates as an oil and natural gas exploration and production company. As of December 31, 2018, it had an acreage position comprising approximately 241,000 net acres in Ohio and Pennsylvania; and had estimated proved reserves of 1,864.7 billion cubic feet of natural gas equivalent.

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