SRC Energy Inc (SRCI) Trading Up 5.6%

SRC Energy Inc (NASDAQ:SRCI) shares were up 5.6% on Monday . The stock traded as high as $8.86 and last traded at $8.84. Approximately 3,455,243 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 2,727,820 shares. The stock had previously closed at $8.37.

Several research analysts have weighed in on SRCI shares. Credit Suisse Group restated an “outperform” rating and issued a $10.00 price target on shares of SRC Energy in a research note on Friday, June 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $10.00 price objective on shares of SRC Energy in a report on Friday, July 14th. Zacks Investment Research cut SRC Energy from a “buy” rating to a “hold” rating in a report on Friday, July 21st. KeyCorp reaffirmed a “buy” rating and set a $10.00 price objective on shares of SRC Energy in a report on Tuesday, September 19th. Finally, Scotiabank reaffirmed a “buy” rating and set a $11.00 price objective on shares of SRC Energy in a report on Thursday, June 22nd. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $11.29.

SRC Energy (NASDAQ:SRCI) last issued its quarterly earnings results on Thursday, August 3rd. The oil and natural gas company reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.03. The firm had revenue of $75.04 million for the quarter, compared to analyst estimates of $68.08 million. SRC Energy had a return on equity of 12.75% and a net margin of 37.23%.

Several large investors have recently modified their holdings of the company. Teacher Retirement System of Texas boosted its stake in shares of SRC Energy by 3.3% in the second quarter. Teacher Retirement System of Texas now owns 15,503 shares of the oil and natural gas company’s stock worth $104,000 after acquiring an additional 502 shares during the last quarter. Texas Permanent School Fund boosted its stake 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 acquiring an additional 1,336 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of SRC Energy by 9.9% in the second quarter. Ameritas Investment Partners Inc. now owns 17,639 shares of the oil and natural gas company’s stock worth $119,000 after acquiring an additional 1,584 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of SRC Energy by 3.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 47,380 shares of the oil and natural gas company’s stock worth $319,000 after acquiring an additional 1,670 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in shares of SRC Energy by 9.1% in the second quarter. Amalgamated Bank now owns 27,551 shares of the oil and natural gas company’s stock worth $185,000 after acquiring an additional 2,305 shares during the last quarter.

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About SRC Energy

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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