Alpha Metallurgical Resources (NYSE:AMR) Shares Gap Down Following Weak Earnings

Alpha Metallurgical Resources, Inc. (NYSE:AMR)’s stock price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $208.30, but opened at $204.00. Alpha Metallurgical Resources shares last traded at $207.20, with a volume of 57,252 shares trading hands.

The energy company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($1.31). Alpha Metallurgical Resources had a return on equity of 28.63% and a net margin of 13.52%. The business had revenue of $671.90 million for the quarter, compared to the consensus estimate of $672.95 million. During the same quarter in the prior year, the business earned $6.65 EPS. Alpha Metallurgical Resources’s revenue for the quarter was down 9.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AMR shares. B. Riley decreased their price objective on Alpha Metallurgical Resources from $374.00 to $336.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Benchmark reaffirmed a “hold” rating on shares of Alpha Metallurgical Resources in a research note on Wednesday, October 16th.

Institutional Investors Weigh In On Alpha Metallurgical Resources

Institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. purchased a new position in Alpha Metallurgical Resources in the 2nd quarter worth about $25,000. GAMMA Investing LLC grew its stake in shares of Alpha Metallurgical Resources by 124.6% during the 3rd quarter. GAMMA Investing LLC now owns 137 shares of the energy company’s stock valued at $32,000 after acquiring an additional 76 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Alpha Metallurgical Resources in the 3rd quarter worth approximately $36,000. Sound Income Strategies LLC purchased a new stake in shares of Alpha Metallurgical Resources in the third quarter worth $40,000. Finally, PNC Financial Services Group Inc. raised its holdings in Alpha Metallurgical Resources by 947.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 178 shares of the energy company’s stock valued at $60,000 after acquiring an additional 161 shares during the period. 84.29% of the stock is owned by hedge funds and other institutional investors.

Alpha Metallurgical Resources Price Performance

The firm has a market capitalization of $2.64 billion, a PE ratio of 6.03 and a beta of 1.30. The company has a 50-day moving average price of $216.68 and a 200 day moving average price of $268.70.

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.