Atlas Energy Solutions (NYSE:AESI) Shares Gap Down on Disappointing Earnings

Atlas Energy Solutions Inc. (NYSE:AESI)’s stock price gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $21.97, but opened at $20.53. Atlas Energy Solutions shares last traded at $23.61, with a volume of 390,583 shares.

The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.12). The firm had revenue of $192.67 million during the quarter, compared to the consensus estimate of $196.39 million. Atlas Energy Solutions had a return on equity of 47.40% and a net margin of 17.17%. Atlas Energy Solutions’s revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS.

Atlas Energy Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 16th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.92%. This is a positive change from Atlas Energy Solutions’s previous quarterly dividend of $0.21. Atlas Energy Solutions’s dividend payout ratio is currently 40.76%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Raymond James upped their price objective on Atlas Energy Solutions from $26.00 to $27.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, April 16th. Royal Bank of Canada raised their price objective on shares of Atlas Energy Solutions from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. The Goldman Sachs Group started coverage on Atlas Energy Solutions in a research report on Thursday, March 14th. They set a “buy” rating and a $24.00 price target for the company. Finally, Barclays raised their target price on Atlas Energy Solutions from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $25.17.

Insider Buying and Selling

In other Atlas Energy Solutions news, major shareholder Stacy Hock sold 50,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $19.97, for a total transaction of $998,500.00. Following the sale, the insider now owns 970,738 shares in the company, valued at $19,385,637.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO John Gregory Turner sold 3,728 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.58, for a total value of $84,178.24. Following the completion of the sale, the chief financial officer now owns 1,582,303 shares of the company’s stock, valued at $35,728,401.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Stacy Hock sold 50,000 shares of Atlas Energy Solutions stock in a transaction on Friday, March 8th. The stock was sold at an average price of $19.97, for a total transaction of $998,500.00. Following the sale, the insider now owns 970,738 shares in the company, valued at $19,385,637.86. The disclosure for this sale can be found here. Insiders have sold a total of 246,860 shares of company stock valued at $5,332,121 over the last ninety days. 24.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlas Energy Solutions

Hedge funds have recently bought and sold shares of the business. Outfitter Financial LLC raised its holdings in Atlas Energy Solutions by 6.4% in the 1st quarter. Outfitter Financial LLC now owns 36,740 shares of the company’s stock valued at $831,000 after acquiring an additional 2,200 shares in the last quarter. Tucker Asset Management LLC purchased a new stake in shares of Atlas Energy Solutions during the 3rd quarter worth approximately $49,000. Barclays PLC lifted its position in shares of Atlas Energy Solutions by 79.4% during the third quarter. Barclays PLC now owns 5,996 shares of the company’s stock worth $134,000 after acquiring an additional 2,654 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Atlas Energy Solutions in the 3rd quarter valued at about $81,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Atlas Energy Solutions by 1,328.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,571 shares of the company’s stock valued at $124,000 after purchasing an additional 5,181 shares during the last quarter. 34.59% of the stock is owned by hedge funds and other institutional investors.

Atlas Energy Solutions Price Performance

The company has a quick ratio of 3.21, a current ratio of 3.44 and a debt-to-equity ratio of 0.20. The firm’s fifty day moving average price is $22.04 and its 200-day moving average price is $19.07. The stock has a market cap of $2.25 billion, a P/E ratio of 14.38, a PEG ratio of 0.54 and a beta of 0.66.

About Atlas Energy Solutions

Atlas Energy Solutions Inc engages in the production, processing, and sale of mesh and sand that are used as a proppant during the well completion process in the Permian Basin of Texas and New Mexico. The company provides transportation and logistics, storage solutions, and contract labor services. It sells its products and services to oil and natural gas exploration and production companies, and oilfield services companies.