Atlas Energy Solutions (NYSE:AESI) Reaches New 12-Month Low Following Weak Earnings

Atlas Energy Solutions Inc. (NYSE:AESI)’s stock price hit a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $7.53 and last traded at $8.0090, with a volume of 412,638 shares changing hands. The stock had previously closed at $8.23.

The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.12). The company had revenue of $267.78 million during the quarter, compared to the consensus estimate of $265.32 million. Atlas Energy Solutions had a negative net margin of 11.08% and a negative return on equity of 9.57%. Atlas Energy Solutions’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.19) EPS.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Zacks Research downgraded Atlas Energy Solutions from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 20th. Barclays lowered their price target on Atlas Energy Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 15th. Glj Research initiated coverage on Atlas Energy Solutions in a research note on Wednesday, October 28th. They set a “buy” rating and a $13.00 price objective on the stock. Weiss Ratings downgraded Atlas Energy Solutions from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, August 7th. Finally, Stifel Nicolaus cut their price objective on Atlas Energy Solutions from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.10.

Hedge Funds Weigh In On Atlas Energy Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of AESI. Encompass Capital Advisors LLC acquired a new position in Atlas Energy Solutions during the first quarter worth approximately $119,854,000. Wasatch Advisors LP bought a new stake in Atlas Energy Solutions in the second quarter valued at approximately $30,468,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in shares of Atlas Energy Solutions in the third quarter valued at approximately $9,992,000. CenterBook Partners LP lifted its position in shares of Atlas Energy Solutions by 84.8% in the third quarter. CenterBook Partners LP now owns 1,180,943 shares of the company’s stock valued at $14,183,000 after buying an additional 541,774 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Atlas Energy Solutions in the second quarter valued at approximately $7,765,000. Institutional investors own 34.59% of the company’s stock.

Atlas Energy Solutions Price Performance

The company has a current ratio of 1.82, a quick ratio of 1.58 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average price of $11.76 and a 200 day moving average price of $13.36. The company has a market capitalization of $1.03 billion, a P/E ratio of -8.66 and a beta of 1.19.

About Atlas Energy Solutions

Atlas Energy Solutions Inc (NYSE:AESI) is an energy-services company that supplies proppant and logistics solutions to oil and natural gas producers. Its primary products include frac sand, which is used in hydraulic fracturing to help keep underground rock fractures open and improve the flow of hydrocarbons.

The company operates sand mines, processing facilities, and related infrastructure in the Permian Basin of West Texas. In addition to producing and selling proppant, Atlas provides transportation, storage, and last-mile delivery services designed to move sand from its facilities to well sites.