Gold prices edge up amid Fed rate cut hopes; US-Russia talks awaited
Ben M. Brigham, Executive Chairman of Atlas (NYSE:ATCO) Energy Solutions Inc. (NYSE:AESI), recently purchased a significant amount of the company’s common stock. The purchase comes as InvestingPro data shows the stock has experienced a notable decline of over 10% in the past week, though it maintains a strong 26% gain over the last six months. According to a recent filing, Brigham acquired 217,391 shares at a price of $23 per share, totaling approximately $4.99 million. This transaction was part of an underwritten public offering facilitated by Goldman Sachs & Co. LLC. Following the purchase, Brigham holds 533,241 shares directly. Additionally, he has indirect ownership of shares through various entities, including Anne and Bud Oil & Gas Vested, LLC, and Brigham Children’s Family LP, though he disclaims beneficial ownership beyond his pecuniary interest.
In other recent news, Atlas Energy Solutions Inc. announced a public offering of 11,500,000 common shares at $23 per share, aiming to raise $264.5 million. The offering is led by Goldman Sachs & Co. LLC and Piper Sandler & Co. The proceeds will be used to repay debt, including its secured PIK toggle seller note and outstanding borrowings under its credit and term loan facilities, and for the acquisition of Moser Engine Service, Inc. The acquisition is expected to be completed in the first quarter of 2025.
In the wake of these developments, several analysts have updated their outlook on Atlas Energy. Benchmark analyst Kurt Hallead raised the stock target to $28 from $23, maintaining a Buy rating. This follows Atlas Energy’s plan to acquire Moser Energy Systems for $220 million. RBC Capital Markets also increased its price target to $28, citing the company’s growth potential. Meanwhile, Citi analyst Scott Gruber adjusted the price target to $24.00, maintaining a Neutral stock rating.
These recent events highlight Atlas Energy’s strategic initiatives to strengthen its financial position and invest in growth opportunities. However, it’s important to note that these are the latest developments and the situation can evolve based on various factors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.