Raymond James Invests in Alpha Metallurgical Resources Amid Stock Changes

Richmond, VA – Raymond James Financial Inc. has acquired a new stake in Alpha Metallurgical Resources, Inc. during the fourth quarter, according to a recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,831 shares of the energy company, valued at approximately $366,000.

Other institutional investors and hedge funds have also modified their positions in Alpha Metallurgical. New Age Alpha Advisors LLC added to its holdings much like FNY Investment Advisers LLC, which acquired shares valued at $50,000. Additionally, PNC Financial Services Group Inc. raised its stake by 127.6%, now owning 289 shares worth $58,000.

GAMMA Investing LLC has similarly increased its position by 127.7%, maintaining 312 shares of stock valued at $62,000. Jones Financial Companies LLC made a new investment of around $82,000 in the company, contributing to the aggregate institutional ownership of 84.29% of Alpha Metallurgical’s stock.

Separately, B. Riley has adjusted its target price on Alpha Metallurgical’s shares from $272.00 to $183.00, maintaining a ‘buy’ rating in a research note dated April 11.

The stock opened at $113.13 on Friday, with a market capitalization of $1.48 billion and a price-to-earnings ratio of 4.15. Alpha Metallurgical’s stock has a 52-week low of $100.00 and a high of $334.72.

Recently, Alpha Metallurgical Resources reported its quarterly earnings on May 9. The company posted earnings of ($2.60) per share, missing analyst expectations of ($1.06) by a significant margin. The reported revenue was $531.96 million against expectations of $586.15 million, marking a 38.4% decrease compared to the same quarter last year.

Alpha Metallurgical Resources, known for producing and processing met and thermal coal in Virginia and West Virginia, was formerly called Contura Energy, Inc., changing its name in February 2021.