Alpha Metallurgical Resources (NYSE:AMR) Issues Earnings Results, Beats Estimates By $2.00 EPS

Key Points

• Alpha Metallurgical Resources reported a quarterly earnings per share of ($0.38), surpassing analyst estimates of ($1.60) by $1.22.
• The company's quarterly revenue declined by 31.6% year-over-year, significantly down from earnings of $4.49 per share during the same period last year.
• Shares of AMR increased by 15.1% during trading, reaching $149.06, following the earnings announcement.

Alpha Metallurgical Resources (NYSE:AMR - Get Free Report) announced its quarterly earnings results on Friday. The energy company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($2.38) by $2.00, Briefing.com reports. Alpha Metallurgical Resources had a negative net margin of 1.57% and a negative return on equity of 2.28%. The company had revenue of $550.27 million for the quarter, compared to analyst estimates of $552.15 million. During the same quarter last year, the business earned $4.49 earnings per share. Alpha Metallurgical Resources's revenue was down 31.6% compared to the same quarter last year.

Alpha Metallurgical Resources Price Performance

Shares of NYSE AMR traded up $1.71 during mid-day trading on Wednesday, reaching $165.51. 118,012 shares of the company traded hands, compared to its average volume of 328,357. The firm has a market cap of $2.16 billion, a PE ratio of -57.91 and a beta of 0.59. Alpha Metallurgical Resources has a fifty-two week low of $97.41 and a fifty-two week high of $255.04. The stock has a fifty day simple moving average of $119.06 and a 200-day simple moving average of $130.21.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its position in Alpha Metallurgical Resources by 44.7% in the second quarter. Russell Investments Group Ltd. now owns 3,734 shares of the energy company's stock worth $420,000 after buying an additional 1,154 shares during the last quarter. Creative Planning grew its position in Alpha Metallurgical Resources by 14.5% in the second quarter. Creative Planning now owns 3,465 shares of the energy company's stock worth $390,000 after buying an additional 438 shares during the last quarter. Intech Investment Management LLC grew its position in Alpha Metallurgical Resources by 48.3% in the first quarter. Intech Investment Management LLC now owns 13,149 shares of the energy company's stock worth $1,647,000 after buying an additional 4,281 shares during the last quarter. Millennium Management LLC grew its position in Alpha Metallurgical Resources by 208.0% in the first quarter. Millennium Management LLC now owns 106,107 shares of the energy company's stock worth $13,290,000 after buying an additional 71,653 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Alpha Metallurgical Resources by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,548 shares of the energy company's stock worth $820,000 after buying an additional 295 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company's stock.

Analyst Upgrades and Downgrades

AMR has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price objective on shares of Alpha Metallurgical Resources from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Monday. Wall Street Zen lowered shares of Alpha Metallurgical Resources from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, B. Riley lowered their price objective on shares of Alpha Metallurgical Resources from $173.00 to $171.00 and set a "buy" rating on the stock in a research note on Tuesday, August 5th.

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.