Alpha Metallurgical Resources (NYSE:AMR) Shares Gap Up on Insider Buying Activity

Alpha Metallurgical Resources, Inc. (NYSE:AMR) gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $178.95, but opened at $186.03. Alpha Metallurgical Resources shares last traded at $187.5750, with a volume of 84,492 shares.

Specifically, Director Kenneth S. Courtis purchased 36,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were bought at an average cost of $175.26 per share, for a total transaction of $6,309,360.00. Following the completion of the acquisition, the director directly owned 770,537 shares in the company, valued at approximately $135,044,314.62. This trade represents a 4.90% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMR shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Alpha Metallurgical Resources in a report on Monday. Wall Street Zen raised Alpha Metallurgical Resources from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Alpha Metallurgical Resources currently has an average rating of “Hold” and an average target price of $160.50.

Alpha Metallurgical Resources Price Performance

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -52.53 and a beta of 0.91. The business has a 50-day moving average of $165.03 and a 200-day moving average of $143.00.

Alpha Metallurgical Resources (NYSE:AMR) last posted its quarterly earnings results on Thursday, November 6th. The energy company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.07). The company had revenue of $526.78 million during the quarter, compared to the consensus estimate of $543.77 million. Alpha Metallurgical Resources had a negative net margin of 2.09% and a negative return on equity of 2.88%. The firm’s revenue for the quarter was down 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. As a group, equities analysts anticipate that Alpha Metallurgical Resources, Inc. will post 14.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Alpha Metallurgical Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its holdings in Alpha Metallurgical Resources by 27.2% during the second quarter. State Street Corp now owns 865,934 shares of the energy company’s stock worth $97,400,000 after buying an additional 185,281 shares during the last quarter. Contrarius Group Holdings Ltd bought a new position in shares of Alpha Metallurgical Resources in the 3rd quarter valued at about $12,146,000. Dalal Street LLC increased its stake in shares of Alpha Metallurgical Resources by 15.6% during the 3rd quarter. Dalal Street LLC now owns 532,000 shares of the energy company’s stock worth $87,296,000 after purchasing an additional 71,673 shares during the last quarter. Millennium Management LLC increased its stake in shares of Alpha Metallurgical Resources by 208.0% during the 1st quarter. Millennium Management LLC now owns 106,107 shares of the energy company’s stock worth $13,290,000 after purchasing an additional 71,653 shares during the last quarter. Finally, Gendell Jeffrey L raised its holdings in shares of Alpha Metallurgical Resources by 30.9% in the 2nd quarter. Gendell Jeffrey L now owns 296,396 shares of the energy company’s stock valued at $33,339,000 after purchasing an additional 69,950 shares during the period. 84.29% of the stock is owned by institutional investors.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources, Inc, a mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia. The company offers metallurgical coal products. It operates twenty-two active mines and nine coal preparation and load-out facilities. The company was formerly known as Contura Energy, Inc and changed its name to Alpha Metallurgical Resources, Inc in February 2021.