Montage Resources (NYSE:MR) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Montage Resources (NYSE:MR) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

According to Zacks, “Montage Resources Corporation is an exploration and production company. It is principally focused on the Utica and Marcellus Shales of southeast Ohio, West Virginia and North Central Pennsylvania. Montage Resources Corporation, formerly known as Eclipse Resources Corp, is based in IRVING, Texas. “

Several other research analysts have also recently weighed in on the company. ValuEngine cut Montage Resources from a sell rating to a strong sell rating in a research note on Thursday, April 25th. Capital One Financial raised Montage Resources from an underweight rating to an equal weight rating in a research note on Wednesday, May 8th. Finally, Imperial Capital decreased their target price on Montage Resources from $9.00 to $6.00 and set an inline rating for the company in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $8.83.

Shares of MR stock opened at $3.40 on Friday. The company’s 50-day moving average price is $4.43. Montage Resources has a fifty-two week low of $2.61 and a fifty-two week high of $26.25. The company has a market capitalization of $118.96 million, a PE ratio of 3.71 and a beta of 1.69. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.51 and a quick ratio of 0.51.

Montage Resources (NYSE:MR) last announced its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.44. Montage Resources had a return on equity of 10.17% and a net margin of 9.01%. The business had revenue of $155.54 million during the quarter, compared to analysts’ expectations of $145.23 million. Sell-side analysts expect that Montage Resources will post 0.81 EPS for the current year.

In related news, CEO John K. Reinhart purchased 5,050 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $9.90 per share, for a total transaction of $49,995.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Oleg E. Tolmachev purchased 2,400 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was bought at an average price of $10.45 per share, with a total value of $25,080.00. The disclosure for this purchase can be found here. Insiders have purchased 8,450 shares of company stock valued at $85,035 in the last ninety days. Company insiders own 1.01% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC acquired a new position in shares of Montage Resources in the 1st quarter valued at $27,000. Kayne Anderson Capital Advisors LP acquired a new position in shares of Montage Resources in the 1st quarter valued at $6,670,000. Sanders Morris Harris LLC acquired a new position in shares of Montage Resources in the 1st quarter valued at $5,641,000. Barings LLC acquired a new position in shares of Montage Resources in the 1st quarter valued at $1,337,000. Finally, Spark Investment Management LLC acquired a new position in shares of Montage Resources in the 1st quarter valued at $308,000. Institutional investors and hedge funds own 74.30% of the company’s stock.

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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