Scotiabank Initiates Coverage on Atlas Energy Solutions (NYSE:AESI)

Research analysts at Scotiabank started coverage on shares of Atlas Energy Solutions (NYSE:AESI) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $14.00 price target on the stock. Scotiabank’s target price indicates a potential upside of 14.43% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Barclays raised shares of Atlas Energy Solutions from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $10.00 to $14.00 in a research report on Monday. Piper Sandler cut their price objective on shares of Atlas Energy Solutions from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 27th. The Goldman Sachs Group set a $12.00 target price on shares of Atlas Energy Solutions in a report on Friday, August 7th. Stifel Nicolaus decreased their target price on Atlas Energy Solutions from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Citigroup dropped their target price on shares of Atlas Energy Solutions from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.22.

Atlas Energy Solutions Trading Down 0.5%

AESI traded down $0.07 during trading on Tuesday, reaching $12.23. 83,769 shares of the stock traded hands, compared to its average volume of 3,563,352. The stock has a market capitalization of $1.53 billion, a PE ratio of -12.85 and a beta of 1.17. The company has a quick ratio of 1.58, a current ratio of 1.82 and a debt-to-equity ratio of 0.87. The stock’s 50-day moving average is $12.46 and its 200 day moving average is $14.45. Atlas Energy Solutions has a 12 month low of $7.64 and a 12 month high of $20.13.

Atlas Energy Solutions (NYSE:AESI) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). Atlas Energy Solutions had a negative return on equity of 9.57% and a negative net margin of 11.08%.The business had revenue of $293.18 million for the quarter, compared to the consensus estimate of $282.24 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. Atlas Energy Solutions’s quarterly revenue was up 1.6% on a year-over-year basis. Equities analysts anticipate that Atlas Energy Solutions will post -0.94 earnings per share for the current year.

Institutional Trading of Atlas Energy Solutions

Institutional investors and hedge funds have recently modified their holdings of the business. Islay Capital Management LLC bought a new position in shares of Atlas Energy Solutions during the 4th quarter valued at $28,000. State of Wyoming purchased a new position in shares of Atlas Energy Solutions in the first quarter worth $48,000. AXQ Capital LP purchased a new stake in Atlas Energy Solutions during the 4th quarter valued at $101,000. Abel Hall LLC bought a new stake in Atlas Energy Solutions in the 1st quarter worth $131,000. Finally, Clearline Capital LP purchased a new position in shares of Atlas Energy Solutions in the fourth quarter valued at about $164,000. Hedge funds and other institutional investors own 34.59% of the company’s stock.

About Atlas Energy Solutions

Atlas Energy Solutions Inc (NYSE:AESI) provides proppant and logistics services to oil and natural gas producers, primarily operating in the Permian Basin of West Texas and New Mexico. The company supplies frac sand used in hydraulic fracturing to help keep underground rock fractures open and support the recovery of hydrocarbons.

The company operates sand mines, processing facilities and related infrastructure in the Permian Basin. Its product offerings include various grades and sizes of frac sand, including commonly used 40/70 and 100-mesh products.