Shares of Alta Mesa Resources Inc (NASDAQ:AMR) have been assigned an average recommendation of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $9.24.

Several equities research analysts recently commented on AMR shares. Zacks Investment Research upgraded shares of Alta Mesa Resources from a “sell” rating to a “hold” rating in a research note on Friday, May 25th. ValuEngine lowered shares of Alta Mesa Resources from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 29th. Goldman Sachs Group started coverage on shares of Alta Mesa Resources in a research note on Tuesday, July 10th. They set a “buy” rating and a $8.25 price target on the stock. Guggenheim started coverage on shares of Alta Mesa Resources in a research note on Monday, July 30th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Imperial Capital lowered 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 research note on Wednesday, August 15th.

Shares of NASDAQ:AMR opened at $4.55 on Tuesday. Alta Mesa Resources has a 12 month low of $4.04 and a 12 month high of $10.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17.

Alta Mesa Resources (NASDAQ:AMR) last announced its quarterly earnings results on Tuesday, August 14th. The company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.14). 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. research analysts forecast that Alta Mesa Resources will post 0.14 earnings per share for the current year.

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

In other Alta Mesa Resources news, Director Bayou City Energy Management L acquired 422,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were bought at an average cost of $4.89 per share, for a total transaction of $2,063,580.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 4,133,911 shares of company stock worth $18,294,607. 0.21% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of AMR. Cubist Systematic Strategies LLC acquired a new position in Alta Mesa Resources in the first quarter valued at $105,000. Teacher Retirement System of Texas purchased a new stake in shares of Alta Mesa Resources in the second quarter valued at about $105,000. California Public Employees Retirement System purchased a new stake in shares of Alta Mesa Resources in the second quarter valued at about $119,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Alta Mesa Resources in the first quarter valued at about $143,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Alta Mesa Resources in the second quarter valued at about $146,000. Institutional investors own 53.31% of the company’s stock.

About Alta Mesa Resources

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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