Analysts forecast that Alta Mesa Resources Inc (NASDAQ:AMR) will report sales of $157.98 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Alta Mesa Resources’ earnings. The lowest sales estimate is $156.00 million and the highest is $159.95 million. The company is expected to issue its next quarterly earnings report on Monday, November 12th.

According to Zacks, analysts expect that Alta Mesa Resources will report full-year sales of $570.67 million for the current fiscal year, with estimates ranging from $558.00 million to $583.34 million. For the next fiscal year, analysts anticipate that the firm will post sales of $1.04 billion per share, with estimates ranging from $1.01 billion to $1.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Alta Mesa Resources.

Alta Mesa Resources (NASDAQ:AMR) last issued its quarterly earnings results on Tuesday, August 14th. The company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.14). The company had revenue of $93.14 million for the quarter, compared to the consensus estimate of $131.93 million. The company’s quarterly revenue was up 16.7% compared to the same quarter last year.

AMR has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Alta Mesa Resources from a “hold” rating to a “sell” rating in a report on Monday, May 7th. ValuEngine downgraded shares of Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 29th. Guggenheim reissued a “buy” rating and issued a $8.70 price target on shares of Alta Mesa Resources in a report on Thursday, August 16th. Goldman Sachs Group initiated coverage on shares of Alta Mesa Resources in a report on Tuesday, July 10th. They issued a “buy” rating and a $8.25 price target on the stock. Finally, Imperial Capital downgraded 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. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $8.89.

In other news, Director Bayou City Energy Management L acquired 3,400,800 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were acquired at an average cost of $4.34 per share, for a total transaction of $14,759,472.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.21% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in Alta Mesa Resources in the 1st quarter valued at about $105,000. Teacher Retirement System of Texas bought a new stake in Alta Mesa Resources in the 2nd quarter valued at about $105,000. California Public Employees Retirement System bought a new stake in Alta Mesa Resources in the 2nd quarter valued at about $119,000. Quantitative Systematic Strategies LLC bought a new stake in Alta Mesa Resources in the 1st quarter valued at about $143,000. Finally, Citigroup Inc. bought a new stake in Alta Mesa Resources in the 1st quarter valued at about $161,000. Institutional investors and hedge funds own 51.21% of the company’s stock.

Shares of NASDAQ:AMR opened at $4.77 on Thursday. 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 fifty-two week low of $4.04 and a fifty-two week high of $10.79.

Alta Mesa Resources announced that its Board of Directors has initiated a share 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 repurchase up to 2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

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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Earnings History and Estimates for Alta Mesa Resources (NASDAQ:AMR)

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