American Century Companies Inc. has significantly increased its investment in Atlas Energy Solutions Inc. (NYSE: AESI) by acquiring an additional 400,984 shares during the first quarter of 2023. This move represents a remarkable increase of 144.8% in their holdings, bringing the total shares owned to 677,849. As of the latest filing with the Securities and Exchange Commission (SEC), the value of this stake is approximately $12.1 million, which accounts for about 0.56% of Atlas Energy Solutions’ total shares.
Several other institutional investors have also adjusted their positions in AESI. Quarry LP entered the scene with a new investment valued at around $27,000 in the fourth quarter. Tower Research Capital LLC increased its stake by an astonishing 307.9% during the same period, now holding 1,387 shares valued at $31,000 after acquiring an additional 1,047 shares. Fifth Third Bancorp’s investment soared by 1,240.1%, resulting in ownership of 1,970 shares worth $35,000 after purchasing an extra 1,823 shares. Similarly, Larson Financial Group LLC expanded its stake by 201.8% in the first quarter, now holding 1,968 shares valued at $35,000. Lastly, Canton Hathaway LLC also made a new investment in Atlas Energy Solutions valued at $73,000.
Currently, 34.59% of Atlas Energy Solutions’ stock is held by hedge funds and institutional investors, reflecting growing interest from the investment community.
Analyst Ratings and Stock Performance
Atlas Energy Solutions has attracted attention from various Wall Street analysts. Recently, Piper Sandler lowered its price target from $16.00 to $14.00, maintaining a “neutral” rating. In a similar vein, Royal Bank of Canada reduced its target from $21.00 to $17.00 while maintaining an “outperform” rating. Citigroup also adjusted its expectations, lowering its target price from $18.00 to $14.00, while Stifel Nicolaus decreased its target from $14.50 to $14.00 and maintained a “buy” rating.
Overall, four analysts have issued a “buy” rating for the stock, while seven have assigned a “hold” rating. According to data from MarketBeat.com, the consensus rating for Atlas Energy Solutions is currently a “hold” with an average target price of $18.83.
As of now, AESI shares opened at $11.76. The company possesses a market capitalization of $1.46 billion, a price-to-earnings (P/E) ratio of 84.01, and a beta of 1.19. Its financial indicators include a quick ratio of 1.30, a current ratio of 1.56, and a debt-to-equity ratio of 0.39. The stock has fluctuated within a twelve-month range, with a low of $10.92 and a high of $26.86.
Recent Dividend Announcement
Atlas Energy Solutions has also declared a quarterly dividend of $0.25 per share, which was distributed on August 21, 2023. Shareholders on record as of August 14, 2023, received the payment, representing an annualized dividend of $1.00 and an impressive yield of 8.5%. The ex-dividend date for this distribution was the same day, August 14. Notably, the company’s dividend payout ratio (DPR) currently stands at an exceptionally high 714.29%.
About Atlas Energy Solutions Inc., the company specializes in the production, processing, and sale of mesh and sand utilized as proppants during the well completion process, primarily in the Permian Basin of Texas and New Mexico. In addition, it offers transportation, logistics, storage solutions, and contract labor services, catering to oil and natural gas exploration and production companies, along with oilfield services providers.
For those interested in tracking further developments, information on hedge fund holdings related to AESI is available through various financial platforms, including HoldingsChannel.com.
