Stifel Nicolaus Reiterates “Buy” Rating for SRC Energy Inc (NASDAQ:SRCI)

SRC Energy Inc (NASDAQ:SRCI)‘s stock had its “buy” rating reiterated by stock analysts at Stifel Nicolaus in a research report issued to clients and investors on Friday, July 14th. They currently have a $10.00 price objective on the oil and natural gas company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 18.06% from the company’s previous close.

Several other research firms also recently weighed in on SRCI. Piper Jaffray Companies restated an “overweight” rating and set a $11.00 target price on shares of SRC Energy in a report on Wednesday, April 12th. Simmons raised their target price on shares of SRC Energy from $28.00 to $29.00 and gave the company a “buy” rating in a report on Monday, April 17th. Capital One Financial Corporation began coverage on shares of SRC Energy in a report on Tuesday, April 25th. They set an “overweight” rating and a $13.00 target price for the company. Wells Fargo & Company downgraded shares of SRC Energy from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 3rd. Finally, Credit Suisse Group restated an “outperform” rating and set a $10.00 target price on shares of SRC Energy in a report on Friday, June 2nd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. SRC Energy presently has a consensus rating of “Buy” and an average target price of $11.63.

SRC Energy (NASDAQ:SRCI) traded up 8.45% during trading on Friday, reaching $8.47. 3,395,864 shares of the company were exchanged. The firm’s market capitalization is $1.70 billion. The stock has a 50 day moving average price of $7.12 and a 200 day moving average price of $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 posted its earnings results on Thursday, August 3rd. The oil and natural gas company reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.03. SRC Energy had a net margin of 44.12% and a return on equity of 9.36%. The firm had revenue of $75.04 million during the quarter, compared to the consensus estimate of $68.08 million. On average, analysts expect that SRC Energy will post $0.53 EPS for the current fiscal year.

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In related news, COO Nicholas Spence bought 8,000 shares of the firm’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 completion of the transaction, the chief operating officer now owns 108,222 shares of the company’s stock, valued at $698,031.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Several large investors have recently added to or reduced their stakes in SRCI. BlackRock Inc. bought a new stake in SRC Energy during the first quarter valued at about $203,143,000. Victory Capital Management Inc. acquired a new position in SRC Energy during the first quarter valued at approximately $120,737,000. Alliancebernstein L.P. acquired a new position in SRC Energy during the first quarter valued at approximately $116,804,000. Vanguard Group Inc. acquired a new position in SRC Energy during the first quarter valued at approximately $87,294,000. Finally, JPMorgan Chase & Co. acquired a new position in SRC Energy during the first quarter valued at approximately $87,050,000.

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.