CSM Advisors LLC has reduced its stake in Amplify Energy Corp. (NYSE: AMPY) by 27.0% during the third quarter of 2023, as indicated in its recent filing with the Securities and Exchange Commission (SEC). Following this adjustment, the firm now holds 803,325 shares of Amplify Energy after selling 296,670 shares during this period. The remaining shares represent 1.98% of Amplify Energy, valued at approximately $4,217,000.
Other institutional investors are also adjusting their positions in Amplify Energy. Farther Finance Advisors LLC significantly increased its stake by 256.0% in the third quarter, bringing its total to 5,240 shares worth $28,000 after acquiring an additional 3,768 shares. Additionally, Strs Ohio purchased a new stake in the first quarter valued at $36,000, while Hudson Bay Capital Management LP and Banque Cantonale Vaudoise acquired stakes valued at $38,000 and $53,000 respectively during the second and third quarters. Currently, hedge funds and other institutional investors own 42.84% of Amplify Energy’s stock.
Stock Performance and Analyst Insights
On Monday, Amplify Energy’s stock opened at $6.54, reflecting a 7.8% increase. The company’s fifty-day moving average stands at $5.21, while the two-hundred-day moving average is $4.96. Over the past year, Amplify Energy has experienced a 52-week low of $2.27 and a high of $6.79. The company currently boasts a market capitalization of $269.63 million, with a price-to-earnings ratio of 6.67 and a beta of -0.15.
Recent analyses from various research firms have provided insights into the stock’s potential. Weiss Ratings upgraded Amplify Energy from a “sell (d+)” to a “hold (c)” rating in a report published on Thursday. Similarly, Wall Street Zen elevated its rating from “sell” to “hold” in a note released on Saturday. Currently, two analysts have issued a Buy rating, while one has given a Hold rating. According to data from MarketBeat, Amplify Energy holds a consensus rating of “Moderate Buy” with a target price of $6.00.
Company Overview
Amplify Energy Corp. operates as an independent upstream energy company, primarily focusing on the exploration, development, and production of crude oil and natural gas resources across the United States. The company engages in both conventional and unconventional plays, integrating onshore and offshore activities. Amplify Energy employs advanced reservoir management techniques and disciplined capital allocation to identify and develop reserves that demonstrate attractive economic potential, while also managing commodity price risks through targeted strategies.
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