Laurel Wealth Advisors LLC has significantly increased its investment in Alpha Metallurgical Resources, Inc. (NYSE:AMR) by acquiring an additional 2,676 shares during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, this move represents an astounding increase of 11,150.0% in the firm’s holdings, bringing their total to 2,700 shares valued at approximately $304,000 as of the end of the reporting period.
This acquisition is part of a broader trend among institutional investors, with several hedge funds adjusting their positions in Alpha Metallurgical Resources. Notably, Jefferies Financial Group Inc. established a new stake in the company valued at $455,000 during the same quarter. Prudential Financial Inc. grew its stake by 6.3%, increasing its total holdings to 12,363 shares worth $1,391,000, following the purchase of an additional 735 shares.
American Century Companies Inc. also expanded its holdings by 3.4%, now owning 394,334 shares valued at $44,355,000 after acquiring 12,884 shares. Meanwhile, Rhumbline Advisers raised its position by 7.8%, resulting in ownership of 32,398 shares valued at approximately $3,644,000. Further, JPMorgan Chase & Co. increased its stake by an impressive 66.0%, now holding 75,437 shares valued at around $8,485,000. Institutional investors and hedge funds collectively own 84.29% of Alpha Metallurgical Resources.
Stock Performance and Insider Activity
As of the latest trading session, shares of Alpha Metallurgical Resources opened at $159.21. The company has established a 50-day moving average of $163.60 and a 200-day moving average of $140.03. Its stock has fluctuated significantly over the past year, with a low of $97.41 and a high of $253.93. The firm’s market capitalization stands at $2.05 billion, with a price-to-earnings (P/E) ratio of -44.72 and a beta of 0.89.
In a related development, Director Kenneth S. Courtis purchased 55,000 shares on September 12, 2023, for an average price of $142.64 per share, totaling approximately $7,845,200. This transaction increased his ownership to 681,537 shares, valued at about $97,214,437.68, reflecting an 8.78% increase in his stake. This acquisition has been disclosed in a filing with the SEC.
Analyst Ratings and Future Outlook
Recent reports from various brokerage firms highlight varying perspectives on Alpha Metallurgical Resources. B. Riley revised its target price from $173.00 to $171.00, maintaining a “buy” rating. Conversely, Jefferies Financial Group raised its target from $110.00 to $150.00, assigning a “hold” rating. Meanwhile, Wall Street Zen upgraded its rating from “sell” to “hold,” while Weiss Ratings reiterated a “sell” rating.
Currently, one analyst has rated the stock as a “buy,” another as “hold,” and one as “sell.” According to data from MarketBeat, the stock has an average rating of “hold” and an average target price of $160.50.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources, Inc. operates primarily in the mining sector, specializing in the production, processing, and sale of metallurgical and thermal coal in Virginia and West Virginia. The company manages twenty-two active mines and nine coal preparation and load-out facilities. Formerly known as Contura Energy, Inc., the firm rebranded to Alpha Metallurgical Resources, Inc. in February 2021.
This surge in investment and the interest from institutional players reflect a growing confidence in Alpha Metallurgical Resources as it continues to navigate the evolving landscape of the energy sector.
