Gradient Investments LLC Acquires 24,862 Shares of SRC Energy Inc (NASDAQ:SRCI)

Gradient Investments LLC boosted its position in shares of SRC Energy Inc (NASDAQ:SRCI) by 33.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,354 shares of the oil and natural gas company’s stock after buying an additional 24,862 shares during the period. Gradient Investments LLC’s holdings in SRC Energy were worth $662,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of SRC Energy during the first quarter worth about $203,143,000. Victory Capital Management Inc. bought a new stake in shares of SRC Energy during the first quarter worth approximately $120,737,000. Alliancebernstein L.P. bought a new stake in shares of SRC Energy during the first quarter worth approximately $116,804,000. Vanguard Group Inc. bought a new stake in shares of SRC Energy during the first quarter worth approximately $87,294,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of SRC Energy during the first quarter worth approximately $87,050,000.

SRC Energy Inc (NASDAQ SRCI) traded down 0.82% during trading on Tuesday, reaching $8.44. 1,242,566 shares of the company’s stock traded hands. The firm’s market cap is $1.69 billion. The firm has a 50 day moving average price of $7.08 and a 200-day moving average price of $7.74. SRC Energy Inc has a 12 month low of $5.87 and a 12 month high of $10.38.

SRC Energy (NASDAQ:SRCI) last released its quarterly earnings results on Thursday, May 4th. The oil and natural gas company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. SRC Energy had a net margin of 44.12% and a return on equity of 9.36%. The company had revenue of $45.06 million for the quarter, compared to analyst estimates of $43.60 million. On average, analysts forecast that SRC Energy Inc will post $0.52 earnings per share for the current fiscal year.

SRCI has been the subject of a number of recent research reports. Credit Suisse Group reiterated an “outperform” rating and set a $10.00 price objective on shares of SRC Energy in a research report on Friday, June 2nd. Stifel Nicolaus restated a “buy” rating and issued a $10.00 target price on shares of SRC Energy in a report on Friday, July 14th. Zacks Investment Research lowered SRC Energy from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Capital One Financial Corporation started coverage on SRC Energy in a report on Tuesday, April 25th. They issued an “overweight” rating and a $13.00 target price for the company. Finally, Scotiabank restated a “buy” rating and issued a $11.00 target price on shares of SRC Energy in a report on Thursday, June 22nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. SRC Energy currently has a consensus rating of “Buy” and a consensus price target of $11.69.

In related news, COO Nicholas Spence acquired 8,000 shares of the stock in a transaction on Thursday, June 8th. The shares were acquired at an average price of $6.45 per share, with a total value of $51,600.00. Following the completion of the transaction, the chief operating officer now owns 108,222 shares in the company, valued at approximately $698,031.90. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

SRC Energy Company Profile

SRC Energy Inc, formerly Synergy Resources Corporation, is an independent oil and natural gas company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in and around the Denver-Julesburg Basin (D-J Basin) of Colorado. The D-J Basin generally extends from the Denver metropolitan area throughout northeast Colorado into Wyoming, Nebraska, and Kansas.