Alta Mesa Resources (AMR) Cut to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Alta Mesa Resources (NASDAQ:AMR) from a hold rating to a sell rating in a research report report published 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 equities analysts have also weighed in on AMR. ValuEngine lowered shares of Alta Mesa Resources from a hold rating to a sell rating in a report on Wednesday, November 21st. Imperial Capital set a $6.00 target price on shares of Alta Mesa Resources and gave the company a hold amr rating in a report on Monday, December 24th. Goldman Sachs Group lowered shares of Alta Mesa Resources from a buy rating to a neutral rating and decreased their target price for the company from $6.50 to $2.50 in a report on Tuesday, November 27th. Finally, Guggenheim lowered shares of Alta Mesa Resources from a buy rating to a sell rating in a report on Tuesday, February 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $8.14.

NASDAQ:AMR opened at $0.35 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.59 and a current ratio of 0.59. Alta Mesa Resources has a 1-year low of $0.20 and a 1-year high of $8.70.

Several hedge funds have recently modified their holdings of AMR. Bank of America Corp DE lifted its holdings in shares of Alta Mesa Resources by 1,630.6% in the 2nd quarter. Bank of America Corp DE now owns 38,765 shares of the company’s stock worth $264,000 after acquiring an additional 36,525 shares during the last quarter. California Public Employees Retirement System acquired a new position in shares of Alta Mesa Resources in the 2nd quarter worth approximately $119,000. Northern Trust Corp lifted its holdings in shares of Alta Mesa Resources by 450.7% in the 2nd quarter. Northern Trust Corp now owns 1,185,943 shares of the company’s stock worth $8,076,000 after acquiring an additional 970,581 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in shares of Alta Mesa Resources by 16.1% in the 3rd quarter. FNY Investment Advisers LLC now owns 305,400 shares of the company’s stock worth $1,276,000 after acquiring an additional 42,330 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Alta Mesa Resources by 8.3% in the 3rd quarter. Wells Fargo & Company MN now owns 1,982,215 shares of the company’s stock worth $8,286,000 after acquiring an additional 151,151 shares during the last quarter. Hedge funds and other institutional investors own 76.76% of the company’s stock.

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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