Montage Resources Corp (NYSE:MR) Sees Significant Increase in Short Interest

Montage Resources Corp (NYSE:MR) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 2,012,000 shares, an increase of 32.6% from the June 30th total of 1,517,200 shares. Approximately 36.9% of the company’s stock are sold short. Based on an average daily volume of 444,400 shares, the short-interest ratio is currently 4.5 days.

In other news, CEO John K. Reinhart purchased 5,050 shares of Montage Resources stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average cost of $9.90 per share, with a total value of $49,995.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Oleg E. Tolmachev purchased 2,400 shares of Montage Resources stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average cost of $10.45 per share, for a total transaction of $25,080.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 8,450 shares of company stock worth $85,035. 1.01% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Quantamental Technologies LLC bought a new position in shares of Montage Resources during the first quarter valued at $27,000. Aperio Group LLC bought a new position in shares of Montage Resources during the second quarter valued at $31,000. Marshall Wace North America L.P. bought a new position in shares of Montage Resources during the first quarter valued at $31,000. Chicago Partners Investment Group LLC bought a new position in shares of Montage Resources during the second quarter valued at $62,000. Finally, Virginia Retirement Systems ET AL bought a new position in shares of Montage Resources during the second quarter valued at $71,000. 74.30% of the stock is currently owned by hedge funds and other institutional investors.

Montage Resources stock traded up $0.04 during mid-day trading on Monday, hitting $3.40. The company had a trading volume of 411,898 shares, compared to its average volume of 588,980. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.65. The business has a 50 day simple moving average of $4.43. Montage Resources has a 12 month low of $2.61 and a 12 month high of $26.25. The company has a market capitalization of $118.96 million, a P/E ratio of 3.71 and a beta of 1.69.

Montage Resources (NYSE:MR) last released its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.44. The business had revenue of $155.54 million for the quarter, compared to the consensus estimate of $145.23 million. Montage Resources had a return on equity of 10.17% and a net margin of 9.01%. Equities research analysts predict that Montage Resources will post 0.81 EPS for the current fiscal year.

MR has been the topic of several recent research reports. Royal Bank of Canada set a $17.00 price target on Montage Resources and gave the stock a “buy” rating in a research note on Friday. Capital One Financial raised Montage Resources from an “underweight” rating to an “equal weight” rating in a report on Wednesday, May 8th. Imperial Capital dropped their target price on Montage Resources from $9.00 to $6.00 and set an “inline” rating on the stock in a report on Wednesday, July 10th. Zacks Investment Research downgraded Montage Resources from a “buy” rating to a “hold” rating in a report on Friday. Finally, ValuEngine downgraded Montage Resources from a “sell” rating to a “strong sell” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $8.83.

About Montage Resources

Montage Resources Corporation operates as an oil and natural gas exploration and production company. As of December 31, 2018, it had an acreage position comprising approximately 241,000 net acres in Ohio and Pennsylvania; and had estimated proved reserves of 1,864.7 billion cubic feet of natural gas equivalent.

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