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Amplify Energy Corp.'s (NYSE:AMPY) Vice President and Chief Accounting Officer, Eric Edward Dulany, sold 6,000 shares of company stock on August 12, according to a recent SEC filing. The sale totaled approximately $42,197, with the shares being sold at a weighted average price of $7.0329. The transactions occurred in multiple parts, with prices ranging from $7.01 to $7.07 per share.
The sale by Dulany has adjusted his direct ownership in the company to 20,797 shares following the transaction. The SEC filing provides a detailed account of the sale, including the commitment by Dulany to furnish full information about the number of shares sold at each price point within the specified range, upon request.
Amplify Energy Corp., listed under the ticker NYSE:AMPY, operates in the crude petroleum and natural gas sector, with its headquarters situated in Houston, Texas. The company, formerly known as Midstates Petroleum Company, Inc., has been a part of the energy and transportation industry under its current name.
The recent sale by the company's VP & CAO represents a notable change in his stake in Amplify Energy and is a transaction that investors and market watchers often monitor for insights into executive sentiment on the company's prospects.
In other recent news, Amplify Energy Corp. showcased a robust performance in the second quarter of 2024, with significant increases in net income and free cash flow. The oil and gas producer's adjusted EBITDA rose to $30.7 million, and free cash flow reached $9.2 million. Operational efficiencies led to a decrease in lease operating expenses, and the company is actively considering strategic options for its assets, including potential sales.
Amplify Energy's production averaged around 20,300 Boe per day with a mix of 41% oil, 19% NGLs, and 40% natural gas. The lease operating expenses dropped to $36.3 million, with $18 million invested in capital expenditures, primarily at Beta. The company reported a net income improvement to $7.1 million, with net debt standing at approximately $117.5 million as of June 30.
These recent developments follow the company's revision of its annual guidance after a strong performance and development well participation. Amplify Energy also updated its full-year 2024 commodity price guidance to $76 per barrel for WTI crude and $2.25 per MMBtu for Henry Hub Natural Gas. The company is focused on maximizing shareholder value, which includes potential capital return options such as stock buybacks or dividends in the future.
InvestingPro Insights
Amplify Energy Corp. (NYSE:AMPY) has been a subject of interest for investors, particularly after the recent sale of shares by the company's Vice President and Chief Accounting Officer, Eric Edward Dulany. As market participants analyze the implications of this insider transaction, they may also consider the broader financial health and performance metrics of the company.
InvestingPro data indicates that Amplify Energy Corp. has a market capitalization of approximately $278.4 million, reflecting its size within the crude petroleum and natural gas sector. The company's P/E ratio stands at a modest 10.29, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at a slightly lower 8.73. This suggests that the company's earnings relative to its share price are potentially attractive to value investors.
Focusing on profitability, Amplify Energy has been profitable over the last twelve months, as evidenced by a gross profit margin of 46.7% and an operating income margin of 17.19%. These margins highlight the company's ability to turn revenue into profit effectively. Additionally, the stock has experienced significant return over the last week, with a 10.09% price total return, which could be of interest to investors looking for short-term gains.
Among the InvestingPro Tips, it's worth noting that analysts predict the company will be profitable this year, which aligns with the company's recent performance metrics. However, the company does not pay a dividend, which could be a consideration for income-focused investors. For those considering the liquidity and financial stability of Amplify Energy, it's important to acknowledge that the company's short-term obligations currently exceed its liquid assets.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/AMPY. These tips provide further insights into Amplify Energy Corp.'s financial health and future outlook, which can be valuable when evaluating the company's stock as a potential investment.
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