Amplify Energy concern ‘seems like a false alarm,’ says Alliance Global

Alliance Global Partners says Amplify Energy shares traded up 16% yesterday after the company provided additional assurances that its operations are not responsible for the oil sheen that was observed offshore California late last week near its operations. The company also noted its operations and development program have not been disrupted, “which is encouraging to hear,” the analyst tells investors in a research note titled “Seems Like a False Alarm.” Alliance Global is encouraged with these updates, saying they indicate that there has been little to no impact on Amplify’s operations as a result of these events. It keeps a Buy rating on the shares with a $9 price target.