Guggenheim analyst Subash Chandra reiterated a Buy rating on Alta Mesa Resources Inc (NASDAQ: AMR) on August 14 and set a price target of $8.70. The company’s shares opened today at $4.33, close to its 52-week low of $4.17.
According to TipRanks.com, Chandra is a 4-star analyst with an average return of 10.0% and a 56.3% success rate. Chandra covers the Basic Materials sector, focusing on stocks such as Wildhorse Resource Development Corp, Anadarko Petroleum, and Devon Energy Corp.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Alta Mesa Resources Inc with a $9 average price target.
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Based on Alta Mesa Resources Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.44 million. In comparison, last year the company had a net profit of $701.5K.
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Alta Mesa Resources, Inc. is an independent exploration and production company, which is focused on the development and acquisition of unconventional oil and natural gas reserves in the eastern portion of the Anadarko Basin referred to as the STACK. The company was founded in 2018 and is headquartered in Houston, TX.
