Today is not a good day if you are an investor in any company related to fossil fuels. Today, shares of Atlas Resource Partners, L.P. (NYSE:ARP) are down considerably, extending their multi-day drop.
A drop in oil prices along with less bullish talk by OPEC, and a strengthening dollar has made the stock less appealing to many investors. With that said, a hefty dividend and a share price that’s a shadow of where they were just 6-months ago has to make some investors wonder if now may be the time to load up on the stock. Shares were trading as high as $9.22 as recently as in May. The stock is down 18.60% or $0.24 following the news, hitting $1.05 per share. About 3.91 million shares traded hands or 150.64% up from the average. ARP has declined 85.98% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 85.78%.
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 352.38% above today’s ($1.05) 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 is 0.89 in Q2 2015. It’s the same as in 2015Q1. The ratio is the same, as 13 funds sold all their Atlas Resource Partners, L.P. shares they owned while 22 reduced their positions. only 10 funds bought stakes while 21 increased their total positions. Institutions now own 28.05 million shares which is 6.59% less than the previous share count of 30.03 million in 2015Q1.
Akanthos Capital Management Llc holds 4.39% of its total portfolio in Atlas Resource Partners, L.P., equating to 350,000 shares. Riverstone Holdings Llc owns 7.59 million shares representing 1.93% of their total US portfolio. Moreover, Walnut Private Equity Partners Llc has 1.5% of their total portfolio invested in the company, equating to 400,700 shares. The New York-based Penbrook Management Llc has a total of 0.94% of their portfolio invested in the stock. Omega Advisors Inc., a New York-based fund reported 4.79 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 $122.45 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.