Alta Mesa Resources Inc (AMR) Short Interest Up 14.7% in October

Alta Mesa Resources Inc (NASDAQ:AMR) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 17,805,436 shares, a growth of 14.7% from the October 15th total of 15,522,750 shares. Currently, 19.3% of the company’s shares are short sold. Based on an average trading volume of 1,682,189 shares, the short-interest ratio is presently 10.6 days.

A number of research firms have recently commented on AMR. Stifel Nicolaus cut their price target on shares of Alta Mesa Resources from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, August 22nd. ValuEngine upgraded shares of Alta Mesa Resources from a “sell” rating to a “hold” rating in a report on Monday, August 20th. Zacks Investment Research cut shares of Alta Mesa Resources from a “buy” rating to a “sell” rating in a report on Friday, August 17th. Imperial Capital cut shares of Alta Mesa Resources from an “outperform” rating to an “in-line” rating and cut their price target for the stock from $11.00 to $8.00 in a report on Wednesday, August 15th. Finally, Guggenheim began coverage on shares of Alta Mesa Resources in a report on Monday, July 30th. They issued a “buy” rating and a $10.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $8.89.

In other news, Director Bayou City Energy Management L acquired 422,000 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were acquired at an average price of $4.89 per share, for a total transaction of $2,063,580.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have acquired 4,133,911 shares of company stock worth $18,294,607 in the last quarter. Company insiders own 0.21% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AMR. Cubist Systematic Strategies LLC purchased a new stake in Alta Mesa Resources in the first quarter worth about $105,000. Teacher Retirement System of Texas purchased a new stake in Alta Mesa Resources in the second quarter worth about $105,000. California Public Employees Retirement System purchased a new stake in Alta Mesa Resources in the second quarter worth about $119,000. SG Americas Securities LLC purchased a new stake in Alta Mesa Resources in the second quarter worth about $146,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in Alta Mesa Resources in the second quarter worth about $153,000. 53.52% of the stock is owned by institutional investors.

NASDAQ AMR opened at $3.24 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. Alta Mesa Resources has a 12 month low of $2.80 and a 12 month high of $10.79.

Alta Mesa Resources (NASDAQ:AMR) last posted its quarterly earnings results on Tuesday, August 14th. The company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.14). The firm had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. The company’s revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that Alta Mesa Resources will post 0.12 earnings per share for the current year.

Alta Mesa Resources declared that its board has approved a share buyback program on Tuesday, August 14th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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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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