SRC Energy Inc (NASDAQ:SRCI) released its earnings results on Thursday. The oil and natural gas company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.11 by $0.03, Morningstar.com reports. SRC Energy had a return on equity of 9.36% and a net margin of 44.12%. The business had revenue of $75.04 million during the quarter, compared to analysts’ expectations of $68.08 million.
Shares of SRC Energy (SRCI) opened at 8.47 on Friday. SRC Energy has a 52 week low of $5.87 and a 52 week high of $10.38. The firm has a 50-day moving average price of $7.12 and a 200-day moving average price of $7.74. The firm’s market cap is $1.70 billion.
In other SRC Energy news, COO Nicholas Spence purchased 8,000 shares of the stock in a transaction on Thursday, June 8th. The stock was acquired at an average price of $6.45 per share, with a total value of $51,600.00. Following the transaction, the chief operating officer now directly owns 108,222 shares of the company’s stock, valued at approximately $698,031.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System acquired a new position in SRC Energy during the first quarter worth approximately $690,000. Perkins Capital Management Inc. purchased a new position in SRC Energy during the first quarter worth $338,000. Nisa Investment Advisors LLC purchased a new position in SRC Energy during the first quarter worth $318,000. State of Alaska Department of Revenue purchased a new position in SRC Energy during the first quarter worth $186,000. Finally, Nationwide Fund Advisors purchased a new position in SRC Energy during the first quarter worth $1,096,000.
SRCI has been the subject of several recent analyst reports. Zacks Investment Research raised SRC Energy from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research note on Thursday, July 20th. Stifel Nicolaus reaffirmed a “buy” rating and set a $10.00 target price on shares of SRC Energy in a research note on Friday, July 14th. Scotiabank set a $10.00 target price on SRC Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. Simmons raised their target price on SRC Energy from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, April 17th. Finally, Roth Capital set a $11.00 target price on SRC Energy and gave the stock a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. SRC Energy presently has a consensus rating of “Buy” and a consensus target price of $11.63.
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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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