Alpha Metallurgical Resources (NYSE:AMR) Shares Gap Up After Earnings Beat

Alpha Metallurgical Resources, Inc. (NYSE:AMR) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $129.45, but opened at $148.58. Alpha Metallurgical Resources shares last traded at $151.82, with a volume of 216,919 shares traded.

The energy company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.38) by $2.00. The business had revenue of $550.27 million for the quarter, compared to analyst estimates of $552.15 million. Alpha Metallurgical Resources had a return on equity of 1.62% and a net margin of 1.01%. The business’s revenue was down 31.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.49 EPS.

Analyst Ratings Changes

A number of research firms have issued reports on AMR. B. Riley reduced their target price on shares of Alpha Metallurgical Resources from $173.00 to $171.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group started coverage on shares of Alpha Metallurgical Resources in a research note on Tuesday, July 1st. They set a “hold” rating and a $110.00 target price for the company. Finally, Wall Street Zen lowered Alpha Metallurgical Resources from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd.

Hedge Funds Weigh In On Alpha Metallurgical Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in Alpha Metallurgical Resources by 11,100.3% in the 1st quarter. GAMMA Investing LLC now owns 34,945 shares of the energy company’s stock valued at $4,377,000 after buying an additional 34,633 shares in the last quarter. Mutual Advisors LLC bought a new position in Alpha Metallurgical Resources in the 1st quarter valued at about $603,000. SG Americas Securities LLC grew its position in Alpha Metallurgical Resources by 204.5% in the 1st quarter. SG Americas Securities LLC now owns 8,376 shares of the energy company’s stock valued at $1,049,000 after buying an additional 5,625 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Alpha Metallurgical Resources by 40.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,385 shares of the energy company’s stock valued at $173,000 after buying an additional 397 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. grew its holdings in Alpha Metallurgical Resources by 31.3% during the first quarter. Mraz Amerine & Associates Inc. now owns 12,228 shares of the energy company’s stock worth $1,547,000 after acquiring an additional 2,913 shares during the period. Institutional investors own 84.29% of the company’s stock.

Alpha Metallurgical Resources Price Performance

The business has a fifty day moving average of $117.09 and a 200-day moving average of $131.14. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 74.31 and a beta of 0.59.

Alpha Metallurgical Resources Company Profile

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.