Alpha Metallurgical Resources (NYSE:AMR) Shares Gap Down on Disappointing Earnings

Shares of Alpha Metallurgical Resources, Inc. (NYSE:AMR) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $123.97, but opened at $113.25. Alpha Metallurgical Resources shares last traded at $113.02, with a volume of 70,868 shares trading hands.

The energy company reported ($2.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($1.54). The company had revenue of $531.96 million during the quarter, compared to the consensus estimate of $586.15 million. Alpha Metallurgical Resources had a net margin of 11.08% and a return on equity of 22.65%. The business’s revenue was down 38.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.59 earnings per share.

Wall Street Analyst Weigh In

Separately, B. Riley reduced their price objective on Alpha Metallurgical Resources from $272.00 to $183.00 and set a “buy” rating on the stock in a research note on Friday, April 11th.

Hedge Funds Weigh In On Alpha Metallurgical Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dalal Street LLC grew its position in Alpha Metallurgical Resources by 1.6% in the fourth quarter. Dalal Street LLC now owns 487,251 shares of the energy company’s stock worth $97,509,000 after acquiring an additional 7,553 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Alpha Metallurgical Resources by 69.7% in the 4th quarter. Empowered Funds LLC now owns 12,139 shares of the energy company’s stock worth $2,429,000 after purchasing an additional 4,985 shares during the period. Ruffer LLP bought a new position in shares of Alpha Metallurgical Resources during the 4th quarter valued at approximately $4,100,000. Barclays PLC raised its holdings in Alpha Metallurgical Resources by 309.2% during the 3rd quarter. Barclays PLC now owns 18,646 shares of the energy company’s stock valued at $4,402,000 after buying an additional 14,089 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in Alpha Metallurgical Resources in the fourth quarter worth $3,564,000. 84.29% of the stock is owned by hedge funds and other institutional investors.

Alpha Metallurgical Resources Stock Down 8.7 %

The company has a market capitalization of $1.48 billion, a PE ratio of 4.15 and a beta of 0.72. The firm’s 50 day simple moving average is $124.35 and its 200 day simple moving average is $175.73.

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.