Cibc World Market Inc. Buys New Stake in Alpha Metallurgical Resources, Inc. $AMR

Key Points

• CIBC World Market acquired 10,555 shares of Alpha Metallurgical Resources worth approximately $1.74 million, while institutional investors and hedge funds collectively own 84.29% of the company.
• Analyst sentiment remains cautious: six analysts rate AMR as a hold and one as a sell, producing an average “Reduce” rating and a $176 target price, below the stock’s $228.60 opening price.
• Alpha Metallurgical Resources reported a quarterly loss of $0.96 per share, narrowly beating estimates, but revenue of $421.29 million fell short of expectations and declined 10.4% year over year.

Cibc World Market Inc. purchased a new stake in Alpha Metallurgical Resources, Inc. (NYSE:AMR - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,555 shares of the energy company's stock, valued at approximately $1,741,000. Cibc World Market Inc. owned approximately 0.08% of Alpha Metallurgical Resources at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Alpha Metallurgical Resources during the 2nd quarter worth about $299,230,000. State Street Corp raised its position in shares of Alpha Metallurgical Resources by 27.2% during the 2nd quarter. State Street Corp now owns 865,934 shares of the energy company's stock worth $97,400,000 after acquiring an additional 185,281 shares in the last quarter. Goehring & Rozencwajg Associates LLC raised its position in shares of Alpha Metallurgical Resources by 206.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 242,039 shares of the energy company's stock worth $49,683,000 after acquiring an additional 163,144 shares in the last quarter. Millennium Management LLC raised its position in shares of Alpha Metallurgical Resources by 208.0% during the 1st quarter. Millennium Management LLC now owns 106,107 shares of the energy company's stock worth $13,290,000 after acquiring an additional 71,653 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Alpha Metallurgical Resources during the second quarter worth approximately $10,969,000. 84.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Zacks Research raised Alpha Metallurgical Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Wall Street Zen cut shares of Alpha Metallurgical Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings downgraded shares of Alpha Metallurgical Resources from a "sell (d)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Atlantic Securities set a $194.00 target price on shares of Alpha Metallurgical Resources in a report on Thursday, April 30th. Finally, B. Riley Financial lowered their target price on shares of Alpha Metallurgical Resources from $189.00 to $185.00 and set a "neutral" rating for the company in a report on Thursday, August 20th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $176.00.

Alpha Metallurgical Resources Stock Up 4.9%

AMR opened at $228.60 on Friday. Alpha Metallurgical Resources, Inc. has a one year low of $133.64 and a one year high of $253.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 3.41. The stock has a market capitalization of $2.90 billion, a P/E ratio of -63.85 and a beta of 0.65. The business's 50-day simple moving average is $161.84 and its 200-day simple moving average is $181.17.

Alpha Metallurgical Resources (NYSE:AMR - Get Free Report) last announced its earnings results on Friday, August 7th. The energy company reported ($0.96) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.97) by $0.01. The firm had revenue of $421.29 million during the quarter, compared to analysts' expectations of $521.61 million. Alpha Metallurgical Resources had a negative return on equity of 2.99% and a negative net margin of 2.23%.The business's revenue was down 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.38) EPS. Analysts anticipate that Alpha Metallurgical Resources, Inc. will post -2.4 EPS for the current year.

Insider Buying and Selling at Alpha Metallurgical Resources

In other Alpha Metallurgical Resources news, Director Kenneth S. Courtis bought 5,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average cost of $216.53 per share, for a total transaction of $1,082,650.00. Following the completion of the transaction, the director owned 1,020,394 shares in the company, valued at approximately $220,945,912.82. The trade was a 0.49% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jason E. Whitehead sold 3,901 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $212.28, for a total transaction of $828,104.28. Following the transaction, the chief operating officer owned 10,450 shares in the company, valued at approximately $2,218,326. This trade represents a 27.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders bought 30,000 shares of company stock worth $5,992,450. 18.20% of the stock is owned by insiders.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources, Inc NYSE: AMR is a leading pure-play producer of high-grade metallurgical coal, primarily serving the global steelmaking industry. Headquartered in Bristol, Virginia, the company operates multiple underground and surface mining complexes across the central Appalachian and Illinois basins. Its production portfolio focuses on premium raw and semi-soft coking coal products tailored to meet the specifications of steel producers worldwide.

Formed in July 2021 through the spin-out of Contura Energy's metallurgical coal business, Alpha Metallurgical Resources has built a reputation for operational excellence and cost-efficient mining.

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