Putnam Investments LLC acquired a new stake in shares of Alta Mesa Resources Inc (NASDAQ:AMR) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 479,300 shares of the company’s stock, valued at approximately $3,264,000. Putnam Investments LLC owned about 0.13% of Alta Mesa Resources at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in AMR. Cubist Systematic Strategies LLC bought a new position in shares of Alta Mesa Resources during the 1st quarter valued at about $105,000. Teacher Retirement System of Texas bought a new position in shares of Alta Mesa Resources during the 2nd quarter valued at about $105,000. SG Americas Securities LLC bought a new position in shares of Alta Mesa Resources during the 2nd quarter valued at about $146,000. NumerixS Investment Technologies Inc bought a new position in shares of Alta Mesa Resources during the 2nd quarter valued at about $153,000. Finally, Citigroup Inc. bought a new position in shares of Alta Mesa Resources during the 1st quarter valued at about $161,000. Hedge funds and other institutional investors own 53.35% of the company’s stock.
Several equities analysts recently issued reports on AMR shares. ValuEngine lowered Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 29th. Guggenheim restated a “buy” rating and set a $8.70 price target on shares of Alta Mesa Resources in a research report on Thursday, August 16th. Goldman Sachs Group started coverage on Alta Mesa Resources in a research report on Tuesday, July 10th. They set a “buy” rating and a $8.25 price target on the stock. Zacks Investment Research upgraded Alta Mesa Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. Finally, Imperial Capital lowered Alta Mesa Resources from an “outperform” rating to an “in-line” rating and reduced their price target for the stock from $11.00 to $8.00 in a research report on Wednesday, August 15th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Alta Mesa Resources presently has a consensus rating of “Buy” and a consensus price target of $8.89.
AMR opened at $4.15 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. Alta Mesa Resources Inc has a 1 year low of $4.04 and a 1 year high of $10.79.
Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.14). The company had revenue of $93.14 million during the quarter, compared to analyst estimates of $131.93 million. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. sell-side analysts expect that Alta Mesa Resources Inc will post 0.14 earnings per share for the current year.
Alta Mesa Resources announced that its Board of Directors has authorized a share buyback program 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 programs are generally an indication that the company’s board believes its shares are undervalued.
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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