SRC Energy (SRCI) Stock Rating Lowered by Zacks Investment Research

SRC Energy (NYSEAMERICAN:SRCI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.

According to Zacks, “SRC Energy Inc. is an oil and natural gas exploration and production company. It engages in the acquisition, development, exploitation, exploration and production of oil and natural gas properties, primarily located in the Wattenberg field in the D-J Basin of northeast Colorado. SRC Energy Inc., formerly known as Synergy Resources Corporation, is headquartered in Denver, CO. “

A number of other analysts have also weighed in on the company. Roth Capital raised SRC Energy from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Thursday, October 18th. Robert W. Baird raised SRC Energy from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $10.00 to $12.00 in a research report on Monday, October 15th. KLR Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of SRC Energy in a research report on Monday, August 20th. Jefferies Financial Group set a $15.00 price objective on SRC Energy and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of SRC Energy in a research note on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. SRC Energy has a consensus rating of “Hold” and a consensus price target of $12.66.

SRC Energy stock opened at $7.23 on Friday. SRC Energy has a twelve month low of $6.68 and a twelve month high of $13.32.

SRC Energy (NYSEAMERICAN:SRCI) last posted its quarterly earnings data on Wednesday, October 31st. The oil and natural gas company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The company had revenue of $160.98 million for the quarter, compared to analysts’ expectations of $155.20 million.

In related news, CFO James P. Henderson acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was bought at an average price of $9.26 per share, for a total transaction of $92,600.00. Following the completion of the purchase, the chief financial officer now directly owns 252,412 shares of the company’s stock, valued at approximately $2,337,335.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lynn A. Peterson acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was bought at an average price of $9.26 per share, with a total value of $185,200.00. Following the purchase, the chief executive officer now directly owns 626,591 shares of the company’s stock, valued at $5,802,232.66. The disclosure for this purchase can be found here.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC boosted its stake in shares of SRC Energy by 9.1% during the second quarter. Piedmont Investment Advisors LLC now owns 56,404 shares of the oil and natural gas company’s stock worth $622,000 after buying an additional 4,726 shares during the period. Nisa Investment Advisors LLC raised its holdings in SRC Energy by 12.6% during the second quarter. Nisa Investment Advisors LLC now owns 43,825 shares of the oil and natural gas company’s stock worth $483,000 after purchasing an additional 4,900 shares in the last quarter. Lowe Brockenbrough & Co. Inc. raised its holdings in SRC Energy by 13.9% during the second quarter. Lowe Brockenbrough & Co. Inc. now owns 41,000 shares of the oil and natural gas company’s stock worth $452,000 after purchasing an additional 5,000 shares in the last quarter. Amalgamated Bank raised its holdings in SRC Energy by 15.1% during the second quarter. Amalgamated Bank now owns 39,145 shares of the oil and natural gas company’s stock worth $431,000 after purchasing an additional 5,144 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its holdings in SRC Energy by 37.2% during the second quarter. Campbell & CO Investment Adviser LLC now owns 22,166 shares of the oil and natural gas company’s stock worth $244,000 after purchasing an additional 6,009 shares in the last quarter.

About SRC Energy

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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