SRC Energy Inc (NYSEAMERICAN:SRCI) – Stock analysts at Piper Jaffray Companies cut their FY2018 earnings per share (EPS) estimates for shares of SRC Energy in a research report issued to clients and investors on Wednesday, January 9th. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and natural gas company will post earnings of $1.03 per share for the year, down from their previous forecast of $1.05. Piper Jaffray Companies also issued estimates for SRC Energy’s Q4 2018 earnings at $0.25 EPS.
A number of other analysts also recently commented on SRCI. Robert W. Baird raised SRC Energy from a “neutral” rating to an “outperform” rating and increased their price target for the company from $10.00 to $12.00 in a research report on Monday, October 15th. Roth Capital raised SRC Energy from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Thursday, October 18th. Zacks Investment Research raised SRC Energy from a “hold” rating to a “buy” rating and set a $8.75 price target for the company in a research report on Thursday, October 25th. JPMorgan Chase & Co. downgraded SRC Energy from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $9.00 to $6.00 in a research report on Friday, December 7th. Finally, TheStreet downgraded SRC Energy from a “c-” rating to a “d+” rating in a research report on Friday, December 14th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $12.19.
SRC Energy (NYSEAMERICAN:SRCI) last issued its quarterly earnings results on Wednesday, October 31st. The oil and natural gas company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $160.98 million for the quarter, compared to analysts’ expectations of $155.20 million.
Several hedge funds and other institutional investors have recently made changes to their positions in SRCI. Sei Investments Co. boosted its stake in SRC Energy by 76.4% during the second quarter. Sei Investments Co. now owns 83,803 shares of the oil and natural gas company’s stock valued at $924,000 after buying an additional 36,300 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in SRC Energy by 5.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,255,487 shares of the oil and natural gas company’s stock valued at $13,836,000 after buying an additional 66,800 shares during the period. BlackRock Inc. boosted its stake in SRC Energy by 6.3% during the second quarter. BlackRock Inc. now owns 33,684,662 shares of the oil and natural gas company’s stock valued at $371,205,000 after buying an additional 1,991,238 shares during the period. Chicago Equity Partners LLC bought a new stake in SRC Energy during the second quarter valued at $199,000. Finally, Legal & General Group Plc boosted its stake in SRC Energy by 5.7% during the second quarter. Legal & General Group Plc now owns 527,655 shares of the oil and natural gas company’s stock valued at $5,793,000 after buying an additional 28,250 shares during the period.
In related news, EVP Nicholas Spence purchased 10,000 shares of SRC Energy stock in a transaction dated Tuesday, November 6th. The stock was bought at an average cost of $7.57 per share, for a total transaction of $75,700.00. Following the completion of the transaction, the executive vice president now owns 145,492 shares in the company, valued at $1,101,374.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
SRC Energy Company Profile
SRC Energy Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado. As of December 31, 2017, it had net proved oil and natural gas reserves of 69.4 million barrels of oil and condensate, 559.9 billion cubic feet of natural gas, and 64.0 million barrels of natural gas liquids; and operated 551 net producing wells, as well as had 98,600 gross and 88,300 net acres under lease in the Wattenberg Field.
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