Analysts forecast that Alta Mesa Resources Inc (NASDAQ:AMR) will report $140.98 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Alta Mesa Resources’ earnings. The highest sales estimate is $159.95 million and the lowest is $122.00 million. The business is expected to report its next quarterly earnings report on Monday, November 12th.
According to Zacks, analysts expect that Alta Mesa Resources will report full year sales of $535.67 million for the current financial year, with estimates ranging from $488.00 million to $583.34 million. For the next year, analysts anticipate that the firm will post sales of $938.19 million, with estimates ranging from $807.00 million to $1.07 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Alta Mesa Resources.
Alta Mesa Resources (NASDAQ:AMR) last released its quarterly earnings data on Tuesday, August 14th. The company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million during the quarter, compared to analyst estimates of $131.93 million. The company’s revenue was up 16.7% on a year-over-year basis.
A number of equities research analysts recently issued reports on AMR shares. Guggenheim started coverage on Alta Mesa Resources in a research report on Monday, July 30th. They issued a “buy” rating and a $10.00 target price on the stock. Zacks Investment Research raised Alta Mesa Resources from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a research report on Friday, July 20th. Goldman Sachs Group started coverage on Alta Mesa Resources in a research report on Tuesday, July 10th. They issued a “buy” rating and a $8.25 target price on the stock. Stifel Nicolaus dropped their target price on Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 22nd. Finally, ValuEngine raised Alta Mesa Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Alta Mesa Resources has a consensus rating of “Hold” and an average target price of $8.89.
NASDAQ:AMR opened at $3.75 on Friday. Alta Mesa Resources has a fifty-two week low of $3.65 and a fifty-two week high of $10.79. 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 declared that its board has authorized a stock buyback program on Tuesday, August 14th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, Director Bayou City Energy Management L purchased 311,111 shares of the stock in a transaction on Friday, September 7th. The shares were purchased at an average price of $4.73 per share, with a total value of $1,471,555.03. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 4,133,911 shares of company stock worth $18,294,607 in the last ninety days. Insiders own 0.21% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Alta Mesa Resources by 113.2% in the 2nd quarter. BlackRock Inc. now owns 6,879,701 shares of the company’s stock valued at $46,850,000 after purchasing an additional 3,652,443 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in Alta Mesa Resources in the 1st quarter valued at $12,042,000. Wells Fargo & Company MN bought a new stake in Alta Mesa Resources in the 1st quarter valued at $11,013,000. Northern Trust Corp boosted its stake in Alta Mesa Resources by 450.7% in the 2nd quarter. Northern Trust Corp now owns 1,185,943 shares of the company’s stock valued at $8,076,000 after purchasing an additional 970,581 shares during the period. Finally, Sanders Morris Harris LLC boosted its stake in Alta Mesa Resources by 256.7% in the 3rd quarter. Sanders Morris Harris LLC now owns 745,748 shares of the company’s stock valued at $3,118,000 after purchasing an additional 536,698 shares during the period. 53.35% of the stock is currently owned by institutional investors and hedge funds.
About Alta Mesa Resources
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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