Zacks Investment Research upgraded shares of SRC Energy Inc (NASDAQ:SRCI) from a hold rating to a buy rating in a report published on Thursday, July 20th. Zacks Investment Research currently has $8.25 price objective on the oil and natural gas company’s stock.
According to Zacks, “SRC Energy Inc. is an oil and natural gas exploration and production company. It engages in the acquisition, development, exploitation, exploration and production of oil and natural gas properties, primarily located in the Wattenberg field in the D-J Basin of northeast Colorado. SRC Energy Inc., formerly known as Synergy Resources Corporation, is headquartered in Denver, CO. “
Other equities analysts have also issued reports about the company. Simmons upped their target price on SRC Energy from $28.00 to $29.00 and gave the company a buy rating in a research report on Monday, April 17th. Scotiabank set a $10.00 target price on SRC Energy and gave the company a buy rating in a research report on Saturday, July 1st. Seaport Global Securities lowered SRC Energy from a buy rating to a neutral rating and cut their target price for the company from $10.00 to $5.00 in a research report on Wednesday, June 21st. BMO Capital Markets reaffirmed a hold rating and issued a $9.00 target price on shares of SRC Energy in a research report on Wednesday, June 21st. Finally, Capital One Financial Corporation initiated coverage on SRC Energy in a research report on Tuesday, April 25th. They set an overweight rating and a $13.00 price target on the stock. Four research 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 an average rating of Buy and a consensus target price of $11.69.
Shares of SRC Energy (NASDAQ SRCI) traded down 1.53% during trading on Thursday, reaching $8.38. 111,255 shares of the company traded hands. The stock’s market capitalization is $1.68 billion. The firm’s 50 day moving average is $7.08 and its 200-day moving average is $7.74. SRC Energy has a 12-month low of $5.87 and a 12-month high of $10.38.
SRC Energy (NASDAQ:SRCI) last announced its earnings results on Thursday, May 4th. The oil and natural gas company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.06. SRC Energy had a return on equity of 9.36% and a net margin of 44.12%. The company had revenue of $45.06 million for the quarter, compared to analyst estimates of $43.60 million. On average, equities research analysts anticipate that SRC Energy will post $0.52 earnings per share for the current fiscal year.
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In other news, COO Nicholas Spence purchased 8,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were acquired at an average cost of $6.45 per share, with a total value of $51,600.00. Following the transaction, the chief operating officer now owns 108,222 shares in the company, valued at approximately $698,031.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of hedge funds and other institutional investors have recently modified their holdings of SRCI. Lucas Capital Management bought a new position in shares of SRC Energy during the second quarter worth approximately $135,000. Lowe Brockenbrough & Co. Inc. increased its position in shares of SRC Energy by 16.1% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 36,000 shares of the oil and natural gas company’s stock worth $242,000 after buying an additional 5,000 shares during the last quarter. Texas Permanent School Fund increased its position in shares of SRC Energy by 0.9% in the second quarter. Texas Permanent School Fund now owns 146,626 shares of the oil and natural gas company’s stock worth $987,000 after buying an additional 1,336 shares during the last quarter. Stonebridge Capital Management Inc. increased its position in shares of SRC Energy by 78.5% in the second quarter. Stonebridge Capital Management Inc. now owns 38,315 shares of the oil and natural gas company’s stock worth $258,000 after buying an additional 16,855 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in shares of SRC Energy by 4.9% in the second quarter. Great West Life Assurance Co. Can now owns 299,623 shares of the oil and natural gas company’s stock worth $2,014,000 after buying an additional 14,000 shares during the last quarter.
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.
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