Alta Mesa Resources (AMR) Stock Rating Lowered by Zacks Investment Research

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Alta Mesa Resources (NASDAQ:AMR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “Alta Mesa Resources, Inc. is an exploration and production company which focused on the development and acquisition of unconventional oil and natural gas reserves primarily in the eastern portion of the Anadarko Basin. Alta Mesa Resources Inc., formerly known as SILVER RUN ACQ, is based in TX, United States. “

Several other research firms have also recently issued reports on AMR. Imperial Capital set a $6.00 price objective on shares of Alta Mesa Resources and gave the company a “hold” rating in a research report on Wednesday, January 2nd. ValuEngine cut shares of Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 13th. Finally, Goldman Sachs Group lowered their price objective on shares of Alta Mesa Resources to $6.50 in a research report on Sunday, December 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $8.14.

AMR stock opened at $1.22 on Tuesday. Alta Mesa Resources has a 12 month low of $0.75 and a 12 month high of $10.79. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.59 and a quick ratio of 0.59.

Alta Mesa Resources (NASDAQ:AMR) last released its quarterly earnings results on Tuesday, November 13th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $130.23 million. Alta Mesa Resources’s revenue was up 161.2% compared to the same quarter last year. On average, sell-side analysts expect that Alta Mesa Resources will post 0.11 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC lifted its position in shares of Alta Mesa Resources by 8.8% in the 3rd quarter. Teachers Advisors LLC now owns 198,580 shares of the company’s stock worth $830,000 after purchasing an additional 16,081 shares during the period. California Public Employees Retirement System purchased a new stake in shares of Alta Mesa Resources in the 2nd quarter worth approximately $119,000. Baker Avenue Asset Management LP lifted its position in shares of Alta Mesa Resources by 10.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 221,253 shares of the company’s stock worth $925,000 after purchasing an additional 20,835 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Alta Mesa Resources in the 2nd quarter worth approximately $146,000. Finally, Alliancebernstein L.P. lifted its position in shares of Alta Mesa Resources by 50.2% in the 3rd quarter. Alliancebernstein L.P. now owns 67,300 shares of the company’s stock worth $281,000 after purchasing an additional 22,500 shares during the period. 50.11% of the stock is owned by hedge funds and other institutional investors.

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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