HITE Hedge Asset Management LLC Takes Position in Atlas Energy Solutions Inc. $AESI

Key Points

• HITE Hedge Asset Management LLC acquired 1,056,305 shares of Atlas Energy Solutions Inc., valued at approximately $18.84 million, making it the 28th largest holding in their portfolio.
• Atlas Energy Solutions has a current market cap of $1.39 billion and announced a quarterly dividend of $0.25, resulting in an annual yield of 8.9%.
• Recent analyst reports show a reduction in price targets for Atlas Energy Solutions, with a consensus price target of $18.83 and an average rating of "Hold" from analysts.

HITE Hedge Asset Management LLC bought a new stake in Atlas Energy Solutions Inc. (NYSE:AESI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,056,305 shares of the company's stock, valued at approximately $18,844,000. Atlas Energy Solutions comprises about 1.2% of HITE Hedge Asset Management LLC's portfolio, making the stock its 28th biggest position. HITE Hedge Asset Management LLC owned 0.87% of Atlas Energy Solutions as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Atlas Energy Solutions during the 1st quarter valued at about $26,956,000. Vanguard Group Inc. grew its position in Atlas Energy Solutions by 16.5% during the first quarter. Vanguard Group Inc. now owns 8,054,677 shares of the company's stock valued at $143,695,000 after acquiring an additional 1,139,352 shares during the last quarter. Copeland Capital Management LLC raised its stake in shares of Atlas Energy Solutions by 42.5% during the first quarter. Copeland Capital Management LLC now owns 3,203,592 shares of the company's stock worth $57,152,000 after acquiring an additional 955,818 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Atlas Energy Solutions by 31.5% in the 4th quarter. First Trust Advisors LP now owns 3,908,810 shares of the company's stock worth $86,697,000 after acquiring an additional 935,410 shares during the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new stake in shares of Atlas Energy Solutions in the 4th quarter valued at $17,770,000. Hedge funds and other institutional investors own 34.59% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Atlas Energy Solutions from $14.50 to $14.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Royal Bank Of Canada lowered their target price on Atlas Energy Solutions from $21.00 to $17.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Piper Sandler dropped their target price on Atlas Energy Solutions from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Thursday, August 14th. Finally, Citigroup decreased their price target on Atlas Energy Solutions from $18.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Atlas Energy Solutions has an average rating of "Hold" and an average price target of $18.83.

Atlas Energy Solutions Trading Up 5.1%

Shares of NYSE:AESI traded up $0.5750 on Friday, hitting $11.8350. The company had a trading volume of 1,755,800 shares, compared to its average volume of 1,725,075. The firm's 50-day simple moving average is $13.24 and its two-hundred day simple moving average is $15.08. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 84.54 and a beta of 1.19. The company has a quick ratio of 1.30, a current ratio of 1.56 and a debt-to-equity ratio of 0.39. Atlas Energy Solutions Inc. has a 1 year low of $10.92 and a 1 year high of $26.86.

Atlas Energy Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.4%. Atlas Energy Solutions's dividend payout ratio is 714.29%.

About Atlas Energy Solutions

Atlas Energy Solutions Inc engages in the production, processing, and sale of mesh and sand that are used as a proppant during the well completion process in the Permian Basin of Texas and New Mexico. The company provides transportation and logistics, storage solutions, and contract labor services. It sells its products and services to oil and natural gas exploration and production companies, and oilfield services companies.