Shares of Atlas Resource Partners, L.P. (NYSE:ARP) are trading up big this morning, although the company hasn’t released any news. There are two possible things that are causing this move to the upside.
One factor is technical in nature as the charts had set up with a possible resistance breakout at a price point of $1.06 per share. With shares now trading well over this, new buyers are entering the market.
Additionally tomorrow — January 5 — is the ex-dividend date for investors of Atlas Resource Partners, L.P. (NYSE:ARP), meaning that if you own the stock prior to that date, you are entitled to the $0.0125 per share dividend which will be made on January 14, 2016.
The stock is up 14.56% or $0.15today, hitting $1.18 per share. About 262,054 shares traded hands. ARP has declined 86.39% since May 29, 2015 and is downtrending. It has underperformed the S&P500 by 84.27%.
From a total of 7 analysts covering Atlas Resource Partners LP (NYSE:ARP) stock, 0 rate it a “Buy”, 1 a “Sell”, and 6 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $7 while the lowest target price is $2. The mean of all analyst targets is $4.75 which is 302.54% above today’s ($1.18) stock price. Atlas Resource Partners LP was the topic of 10 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. FBR Capital downgraded shares on November 24 to a “Market Perform” rating. FBR Capital maintained shares with a”Outperform” rating and a $7 target share price in their report from an October 12. Citigroup maintained ARP stock in a recent report from September 14 with a “Neutral” rating. Finally, Stephens downgraded the stock to a “Equal Weight” rating in a report they issued on an August 20.
The institutional sentiment decreased to 0.69 in Q2 2015. It’s down 0.20, from 0.89 in 2015Q2. The ratio is negative, as 17 funds sold all their Atlas Resource Partners, L.P. shares they owned while 19 reduced their positions. 9 funds bought stakes while 16 increased their total positions. Institutions now own 27.84 million shares which is 0.73% less than the previous share count of 28.05 million in 2015Q2.
Akanthos Capital Management Llc holds 4.11% of its total portfolio in Atlas Resource Partners, L.P., equating to 970,000 shares. Riverstone Holdings Llc owns 7.59 million shares representing 1.46% of their total US portfolio. Moreover, Walnut Private Equity Partners Llc has 1.08% of their total portfolio invested in the company, equating to 478,700 shares. The New York-based Penbrook Management Llc has a total of 0.47% of their portfolio invested in the stock. Omega Advisors Inc., a New York-based fund reported 4.60 million shares owned.
Atlas Resource Partners, L.P. is an independent developer and producer of crude oil, natural gas and natural gas liquids , with activities in basins across the United States. The company has a market cap of $124.16 million. The Firm is a sponsor and manager of tax-advantaged investment partnerships (Drilling Partnerships), in which it co-invests, to finance a portion of its crude oil, natural gas and natural gas liquids production activities. It currently has negative earnings. The Firm operates through three divisions: gas and oil production, well construction and completion and other partnership management.