Alpha Metallurgical Resources (NYSE:AMR) Shares Gap Down Following Weak Earnings

Shares of Alpha Metallurgical Resources, Inc. (NYSE:AMR - Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $208.30, but opened at $204.00. Alpha Metallurgical Resources shares last traded at $207.20, with a volume of 57,252 shares changing hands.

The energy company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($1.31). The company had revenue of $671.90 million for the quarter, compared to the consensus estimate of $672.95 million. Alpha Metallurgical Resources had a return on equity of 28.63% and a net margin of 13.52%. The business's revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $6.65 earnings per share.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. B. Riley decreased their target price on shares of Alpha Metallurgical Resources from $374.00 to $336.00 and set a "buy" rating for the company in a report on Friday, September 6th. Benchmark reaffirmed a "hold" rating on shares of Alpha Metallurgical Resources in a research note on Wednesday, October 16th.

Institutional Investors Weigh In On Alpha Metallurgical Resources

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its holdings in shares of Alpha Metallurgical Resources by 947.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 178 shares of the energy company's stock valued at $60,000 after purchasing an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Alpha Metallurgical Resources by 70.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,848 shares of the energy company's stock worth $1,274,000 after purchasing an additional 1,596 shares during the last quarter. Mutual Advisors LLC lifted its holdings in shares of Alpha Metallurgical Resources by 2.2% during the first quarter. Mutual Advisors LLC now owns 7,332 shares of the energy company's stock worth $2,428,000 after buying an additional 158 shares during the last quarter. Texas Permanent School Fund Corp grew its position in Alpha Metallurgical Resources by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 10,347 shares of the energy company's stock worth $3,427,000 after purchasing an additional 135 shares during the last quarter. Finally, Gallacher Capital Management LLC acquired a new stake in Alpha Metallurgical Resources during the first quarter worth about $374,000. 84.29% of the stock is owned by hedge funds and other institutional investors.

Alpha Metallurgical Resources Stock Performance

The company has a market cap of $2.62 billion, a P/E ratio of 5.95 and a beta of 1.30. The stock has a 50-day simple moving average of $217.15 and a 200 day simple moving average of $269.55.

About Alpha Metallurgical Resources

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.