Zacks Investment Research upgraded shares of Brigham Minerals (NYSE:MNRL) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. They currently have $22.00 target price on the stock.
According to Zacks, “Brigham Minerals Inc. is a mineral acquisition company. It is focused on acquiring oil and gas mineral rights in unconventional, shale plays throughout the United States – including the Delaware and Midland Basins in Texas, the SCOOP and STACK plays in Oklahoma, the DJ Basin in Colorado and Wyoming, as well as the Bakken and Three Forks plays in North Dakota. Brigham Minerals Inc. is based in Austin, Texas. “
MNRL has been the topic of several other reports. SunTrust Banks assumed coverage on shares of Brigham Minerals in a report on Monday, June 17th. They set a buy rating and a $28.00 target price on the stock. Seaport Global Securities reiterated a buy rating on shares of Brigham Minerals in a report on Friday, June 21st. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $25.45.
Brigham Minerals (NYSE:MNRL) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. The company had revenue of $24.53 million during the quarter, compared to the consensus estimate of $23.73 million. On average, equities research analysts expect that Brigham Minerals will post 0.79 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada purchased a new stake in shares of Brigham Minerals during the second quarter valued at about $27,000. US Bancorp DE purchased a new stake in shares of Brigham Minerals during the second quarter valued at about $37,000. JPMorgan Chase & Co. purchased a new stake in shares of Brigham Minerals during the second quarter valued at about $93,000. Bank of Montreal Can purchased a new stake in shares of Brigham Minerals during the second quarter valued at about $97,000. Finally, Wells Fargo & Company MN purchased a new stake in shares of Brigham Minerals during the second quarter valued at about $152,000. 57.70% of the stock is owned by institutional investors and hedge funds.
Brigham Minerals Company Profile
Brigham Minerals, Inc owns and operates a portfolio of mineral and royalty interests in the continental United States. The company primarily holds mineral and royalty interests in the Permian Basin in West Texas and New Mexico; the SCOOP/STACK plays in the Anadarko Basin of Oklahoma; the Denver-Julesburg Basin in Colorado; and Wyoming and the Williston Basin in North Dakota.
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