HITE Hedge Asset Management LLC Invests $18.84 Million 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 shares of Atlas Energy Solutions Inc. (NYSE:AESI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,056,305 shares of the company's stock, valued at approximately $18,844,000. Atlas Energy Solutions accounts for 1.2% of HITE Hedge Asset Management LLC's holdings, making the stock its 28th largest holding. HITE Hedge Asset Management LLC owned about 0.87% of Atlas Energy Solutions at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Quantbot Technologies LP boosted its position in shares of Atlas Energy Solutions by 674.3% during the first quarter. Quantbot Technologies LP now owns 125,889 shares of the company's stock valued at $2,246,000 after buying an additional 109,630 shares during the period. Wellington Management Group LLP boosted its position in shares of Atlas Energy Solutions by 5.6% during the first quarter. Wellington Management Group LLP now owns 903,711 shares of the company's stock valued at $16,122,000 after buying an additional 48,306 shares during the period. Northern Trust Corp boosted its position in shares of Atlas Energy Solutions by 7.6% during the first quarter. Northern Trust Corp now owns 966,528 shares of the company's stock valued at $17,243,000 after buying an additional 68,275 shares during the period. Versor Investments LP purchased a new position in shares of Atlas Energy Solutions during the first quarter valued at approximately $629,000. Finally, Raymond James Financial Inc. boosted its position in shares of Atlas Energy Solutions by 66.3% during the first quarter. Raymond James Financial Inc. now owns 165,231 shares of the company's stock valued at $2,948,000 after buying an additional 65,901 shares during the period. Hedge funds and other institutional investors own 34.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AESI. Piper Sandler lowered their price target 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. Citigroup lowered their price target on Atlas Energy Solutions from $18.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Stifel Nicolaus lowered their price target on Atlas Energy Solutions from $14.50 to $14.00 and set a "buy" rating for the company in a report on Monday, August 11th. Finally, Royal Bank Of Canada lowered their price target on Atlas Energy Solutions from $21.00 to $17.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Atlas Energy Solutions has an average rating of "Hold" and a consensus price target of $18.83.

Atlas Energy Solutions Stock Up 5.1%

NYSE:AESI traded up $0.5750 during trading hours on Friday, reaching $11.8350. The company's stock had a trading volume of 1,755,801 shares, compared to its average volume of 1,513,456. The company has a market capitalization of $1.46 billion, a P/E ratio of 84.54 and a beta of 1.19. Atlas Energy Solutions Inc. has a 12 month low of $10.92 and a 12 month high of $26.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.30 and a current ratio of 1.56. The stock has a 50 day moving average price of $13.19 and a two-hundred day moving average price of $15.01.

Atlas Energy Solutions Announces Dividend

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

Atlas Energy Solutions Company Profile

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.