American Century Companies Inc. has significantly expanded its investment in Atlas Energy Solutions Inc. (NYSE:AESI) by acquiring an additional 400,984 shares during the first quarter of 2023. This increase, amounting to a total of 677,849 shares, represents a remarkable 144.8% rise in their holding. As of the recent filing with the U.S. Securities and Exchange Commission (SEC), these shares are valued at approximately $12,093,000, reflecting about 0.56% of Atlas Energy’s total stock.
A number of other institutional investors have made adjustments to their stakes in Atlas Energy Solutions as well. Notably, Quarry LP established a new position in the fourth quarter, worth around $27,000. Tower Research Capital LLC significantly boosted its holdings by 307.9% during the same quarter, now owning 1,387 shares valued at approximately $31,000 after acquiring an additional 1,047 shares. Similarly, Fifth Third Bancorp increased its stake by an impressive 1,240.1% in the first quarter, bringing its total to 1,970 shares valued at $35,000. Larson Financial Group LLC also increased its stake by 201.8%, now holding 1,968 shares, also valued at $35,000. Additionally, Canton Hathaway LLC entered the fray with a new stake valued at $73,000. Overall, institutional and hedge funds together own approximately 34.59% of Atlas Energy Solutions’ stock.
Analyst Insights and Stock Performance
Atlas Energy Solutions has been the focus of various analysts in recent weeks. Piper Sandler revised its price target for the company from $16.00 to $14.00, assigning a “neutral” rating. Royal Bank of Canada lowered its price objective from $21.00 to $17.00, maintaining an “outperform” rating. Citigroup adjusted its target price from $18.00 to $14.00, reiterating a “neutral” stance. Stifel Nicolaus also cut its target from $14.50 to $14.00 while maintaining a “buy” rating. Currently, four analysts hold a “buy” rating for the stock, while seven analysts suggest a “hold,” leading to a consensus rating of “hold” and an average target price of $18.83.
As of Tuesday, the stock opened at $11.76, with a market capitalization of $1.46 billion. The company’s price-to-earnings ratio stands at 84.01, with a beta of 1.19. Atlas Energy Solutions has a quick ratio of 1.30, a current ratio of 1.56, and a debt-to-equity ratio of 0.39. The stock has seen a 12-month low of $10.92 and a high of $26.86.
Recent Dividend Announcement
In a notable move for investors, Atlas Energy Solutions recently declared a quarterly dividend of $0.25, paid on August 21, 2023. Shareholders of record as of August 14 received this dividend, which translates to an annualized dividend of $1.00 and a yield of 8.5%. The ex-dividend date was also set on August 14, and the company’s dividend payout ratio currently stands at an extraordinary 714.29%.
Atlas Energy Solutions Inc. specializes in the production, processing, and sale of mesh and sand used as a proppant in well completion processes primarily within the Permian Basin of Texas and New Mexico. Additionally, the company offers transportation and logistics, storage solutions, and contract labor services to oil and natural gas exploration and production companies, as well as oilfield service providers.