Alta Mesa Resources (NASDAQ:AMR) announced its quarterly earnings results on Tuesday. The company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.14), MarketWatch Earnings reports. The company had revenue of $93.14 million for the quarter, compared to analysts’ expectations of $131.93 million. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year.

Shares of NASDAQ:AMR opened at $4.77 on Wednesday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.17. Alta Mesa Resources has a fifty-two week low of $4.36 and a fifty-two week high of $10.79.

Alta Mesa Resources announced that its Board of Directors has authorized a stock buyback plan on Tuesday, August 14th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Several research analysts have issued reports on AMR shares. Zacks Investment Research downgraded shares of Alta Mesa Resources from a “hold” rating to a “sell” rating in a research report on Monday, May 7th. ValuEngine downgraded shares of Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 29th. Goldman Sachs Group started coverage on shares of Alta Mesa Resources in a research report on Tuesday, July 10th. They set a “buy” rating and a $8.25 price objective on the stock. Finally, Guggenheim started coverage on shares of Alta Mesa Resources in a research report on Monday, July 30th. They set a “buy” rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Alta Mesa Resources currently has an average rating of “Buy” and a consensus target price of $9.75.

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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