Bank of America Corp DE Sells 402,515 Shares of Amplify Energy Corp. $AMPY

Key Points

• Bank of America cut its Amplify Energy stake by 75% in the first quarter, selling 402,515 shares and retaining 134,323 shares worth approximately $838,000.
• Other institutional investors generally increased their positions, while hedge funds and other institutions collectively owned 42.84% of Amplify Energy.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $9.00 target price. Amplify Energy missed quarterly EPS expectations, reporting a loss of $0.04 per share despite revenue exceeding estimates.

Bank of America Corp DE trimmed its position in shares of Amplify Energy Corp. (NYSE:AMPY - Free Report) by 75.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,323 shares of the company's stock after selling 402,515 shares during the period. Bank of America Corp DE owned approximately 0.33% of Amplify Energy worth $838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. increased its position in Amplify Energy by 125.6% in the first quarter. Invesco Ltd. now owns 24,524 shares of the company's stock worth $92,000 after purchasing an additional 13,654 shares during the last quarter. AQR Capital Management LLC lifted its position in Amplify Energy by 38.4% during the first quarter. AQR Capital Management LLC now owns 393,489 shares of the company's stock valued at $1,472,000 after purchasing an additional 109,187 shares during the last quarter. Empowered Funds LLC lifted its position in Amplify Energy by 8.7% during the first quarter. Empowered Funds LLC now owns 169,229 shares of the company's stock valued at $633,000 after purchasing an additional 13,607 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Amplify Energy by 14.6% in the 1st quarter. Jane Street Group LLC now owns 99,440 shares of the company's stock worth $372,000 after buying an additional 12,655 shares in the last quarter. Finally, Focus Partners Wealth bought a new stake in shares of Amplify Energy in the 1st quarter worth about $54,000. 42.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMPY has been the subject of a number of analyst reports. Wall Street Zen raised shares of Amplify Energy from a "strong sell" rating to a "hold" rating in a report on Sunday, August 16th. Benchmark reduced their price objective on Amplify Energy from $11.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, August 11th. Finally, Weiss Ratings upgraded Amplify Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $9.00.

Amplify Energy Trading Up 0.2%

Amplify Energy stock opened at $4.91 on Monday. Amplify Energy Corp. has a 12-month low of $3.65 and a 12-month high of $6.79. The firm has a 50-day moving average price of $4.29 and a 200-day moving average price of $5.02. The firm has a market capitalization of $203.57 million, a PE ratio of 10.91 and a beta of -0.15.

Amplify Energy (NYSE:AMPY - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.12). Amplify Energy had a net margin of 10.62% and a negative return on equity of 3.01%. The firm had revenue of $52.69 million for the quarter, compared to the consensus estimate of $43.61 million.

Insider Activity

In other Amplify Energy news, insider James Frew bought 25,000 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were purchased at an average price of $3.95 per share, with a total value of $98,750.00. Following the completion of the purchase, the insider owned 216,859 shares in the company, valued at $856,593.05. This represents a 13.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.99% of the stock is owned by company insiders.

Amplify Energy Company Profile

Amplify Energy Corp NYSE: AMPY is an independent upstream energy company focused on the exploration, development and production of crude oil and natural gas resources in the United States. The company's operations emphasize both conventional and unconventional plays, combining onshore and offshore activities. Amplify Energy applies advanced reservoir management techniques and disciplined capital allocation to identify and develop reserves with attractive economics while managing commodity price exposure through targeted risk strategies.

The company's asset portfolio is concentrated along the U.S.

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