Montage Resources Corp (NYSE:MR) Short Interest Up 32.6% in August

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Montage Resources Corp (NYSE:MR) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 2,012,000 shares, a growth of 32.6% from the July 15th total of 1,517,200 shares. Approximately 36.9% of the company’s shares are short sold. Based on an average trading volume of 444,400 shares, the short-interest ratio is currently 4.5 days.

A number of large investors have recently added to or reduced their stakes in the business. Axar Capital Management L.P. acquired a new stake in shares of Montage Resources in the first quarter valued at $18,755,000. HPS Investment Partners LLC acquired a new stake in shares of Montage Resources in the second quarter valued at $5,611,000. BlackRock Inc. raised its stake in shares of Montage Resources by 142.4% in the second quarter. BlackRock Inc. now owns 1,294,257 shares of the medical instruments supplier’s stock valued at $7,894,000 after acquiring an additional 760,351 shares in the last quarter. Raging Capital Management LLC raised its stake in shares of Montage Resources by 56.4% in the second quarter. Raging Capital Management LLC now owns 1,506,259 shares of the medical instruments supplier’s stock valued at $9,188,000 after acquiring an additional 543,441 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Montage Resources by 36,247.0% in the second quarter. JPMorgan Chase & Co. now owns 520,125 shares of the medical instruments supplier’s stock valued at $3,131,000 after acquiring an additional 518,694 shares in the last quarter. Institutional investors own 75.46% of the company’s stock.

NYSE:MR traded down $0.03 during trading hours on Tuesday, reaching $2.81. 1,208,612 shares of the stock were exchanged, compared to its average volume of 294,127. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $3.66. Montage Resources has a twelve month low of $2.59 and a twelve month high of $23.55.

Montage Resources (NYSE:MR) last released its quarterly earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.44. Montage Resources had a return on equity of 9.50% and a net margin of 9.01%. The company had revenue of $155.54 million for the quarter, compared to analysts’ expectations of $145.23 million. On average, sell-side analysts expect that Montage Resources will post 1.65 EPS for the current fiscal year.

MR has been the topic of a number of recent analyst reports. Capital One Financial upgraded Montage Resources from an “underweight” rating to an “equal weight” rating in a report on Wednesday, May 8th. Imperial Capital decreased their price objective on Montage Resources from $9.00 to $6.00 and set an “inline” rating on the stock in a report on Wednesday, July 10th. Royal Bank of Canada set a $17.00 price objective on Montage Resources and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Zacks Investment Research cut Montage Resources from a “buy” rating to a “hold” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Montage Resources presently has a consensus rating of “Hold” and a consensus price target of $8.83.

Montage Resources Company Profile

Montage Resources Corporation operates as an oil and natural gas exploration and production company. As of December 31, 2018, it had an acreage position comprising approximately 241,000 net acres in Ohio and Pennsylvania; and had estimated proved reserves of 1,864.7 billion cubic feet of natural gas equivalent.

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