Amplify Energy Swings to Profit, Guides Higher on New Wells and Royalty Relief
AMPY sits 26% above its 52-week low of $3.41 on light trading volume (0.4× avg).
Summary
Amplify Energy reported a strong Q2, with revenue jumping 41% year-over-year to $52.7M, beating estimates by $9M. The company swung to a net profit of $17.3M, driven by new Beta field wells and royalty relief, though adjusted net income missed consensus. Management also approved a $15M buyback, roughly 10% of shares outstanding, signaling confidence. Full-year production guidance was set at 7.0–7.5 MBbls/d, and lease operating expense guidance was lowered to $80–95M, with adjusted EBITDA expected between $30–40M. This follows a Q1 net loss of $38.1M and material weakness disclosure — the turnaround and capital return program mark a significant shift. The buyback and improved outlook are likely to draw trader attention, especially given the small $172M market cap.
At the time of this announcement, AMPY was trading at $4.28 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $171.8M. The 52-week trading range was $3.41 to $6.79. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.