Analysts Set Alta Mesa Resources Inc (AMR) Price Target at $9.24

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Shares of Alta Mesa Resources Inc (NASDAQ:AMR) have been given an average recommendation of “Buy” by the six analysts that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $9.24.

A number of research firms recently issued reports on AMR. Zacks Investment Research downgraded shares of Alta Mesa Resources from a “buy” rating to a “sell” rating in a report on Friday, August 17th. Imperial Capital downgraded shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $11.00 to $8.00 in a report on Wednesday, August 15th. Guggenheim restated a “buy” rating and set a $8.70 price objective on shares of Alta Mesa Resources in a report on Thursday, August 16th. ValuEngine upgraded shares of Alta Mesa Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 14th. Finally, Goldman Sachs Group began coverage on shares of Alta Mesa Resources in a report on Tuesday, July 10th. They set a “buy” rating and a $8.25 price objective for the company.

In related news, Director Bayou City Energy Management L acquired 3,400,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was acquired at an average price of $4.34 per share, for a total transaction of $14,759,472.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased 4,133,911 shares of company stock valued at $18,294,607 in the last 90 days. 0.21% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of AMR. Cubist Systematic Strategies LLC purchased a new position in shares of Alta Mesa Resources in the first quarter worth about $105,000. Teacher Retirement System of Texas bought a new position in shares of Alta Mesa Resources in the second quarter valued at approximately $105,000. California Public Employees Retirement System bought a new position in shares of Alta Mesa Resources in the second quarter valued at approximately $119,000. SG Americas Securities LLC bought a new position in shares of Alta Mesa Resources in the second quarter valued at approximately $146,000. Finally, NumerixS Investment Technologies Inc bought a new position in shares of Alta Mesa Resources in the second quarter valued at approximately $153,000. Hedge funds and other institutional investors own 53.30% of the company’s stock.

Shares of AMR stock traded up $0.01 on Friday, hitting $3.52. The stock had a trading volume of 2,044,171 shares, compared to its average volume of 1,541,913. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. Alta Mesa Resources has a 12-month low of $3.45 and a 12-month high of $10.79.

Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings data on Tuesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.14). The company had revenue of $93.14 million for the quarter, compared to analyst estimates of $131.93 million. Alta Mesa Resources’s quarterly revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Alta Mesa Resources will post 0.14 EPS for the current year.

Alta Mesa Resources announced that its board has initiated a share repurchase program on Tuesday, August 14th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is 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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