Zacks Investment Research downgraded shares of Resolute Energy (NYSE:REN) from a hold rating to a strong sell rating in a research note released on Wednesday.
According to Zacks, “Resolute Energy Corporation, formerly Hicks Acquisition Company I, Inc. (HACI), is an independent oil and gas company engaged in the acquisition, exploitation and development of oil and gas properties. The company operates producing properties in Utah, which were legacy properties acquired from two major oil companies, in connection with a strategic alliance with Navajo Nation Oil and Gas Company (wholly owned by the Navajo Nation) and in Wyoming and Oklahoma, which were acquired through the acquisition of a privately held oil and gas producer. In addition, Resolute owns exploration properties in Wyoming and Alabama. “
REN has been the subject of a number of other reports. ValuEngine cut Resolute Energy from a hold rating to a sell rating in a research note on Thursday, August 23rd. BMO Capital Markets reaffirmed a hold rating and issued a $33.00 price target on shares of Resolute Energy in a research note on Tuesday. Finally, Seaport Global Securities reaffirmed a hold rating and issued a $35.00 price target on shares of Resolute Energy in a research note on Wednesday, November 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $38.38.
Resolute Energy (NYSE:REN) last announced its quarterly earnings results on Monday, November 5th. The oil and gas exploration company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.23). The company had revenue of $106.75 million during the quarter, compared to the consensus estimate of $104.54 million. Resolute Energy had a negative net margin of 10.10% and a negative return on equity of 22.38%. Analysts anticipate that Resolute Energy will post 1.64 EPS for the current year.
In other Resolute Energy news, major shareholder Kemc Fund Iv Gp, Llc bought 62,000 shares of the stock in a transaction that occurred on Tuesday, November 13th. The stock was acquired at an average cost of $29.63 per share, with a total value of $1,837,060.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James E. Duffy sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $32.35, for a total value of $32,350.00. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 803,690 shares of company stock valued at $21,467,342. 11.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in Resolute Energy during the 3rd quarter worth approximately $238,000. LPL Financial LLC acquired a new position in Resolute Energy during the 1st quarter worth approximately $247,000. Engineers Gate Manager LP acquired a new position in Resolute Energy during the 3rd quarter worth approximately $619,000. Fondren Management LP acquired a new position in Resolute Energy during the 2nd quarter worth approximately $624,000. Finally, MetLife Investment Advisors LLC boosted its position in Resolute Energy by 55.6% during the 3rd quarter. MetLife Investment Advisors LLC now owns 17,210 shares of the oil and gas exploration company’s stock worth $651,000 after acquiring an additional 6,147 shares during the last quarter.
Resolute Energy Company Profile
Resolute Energy Corporation, an independent oil and gas company, engages in the acquisition, exploitation, exploration for, and development of oil and gas properties in the United States. Its principal project area is located in the Delaware Basin portion of the Permian Basin, Reeves County. As of December 31, 2017, it had interests in approximately 27,100 gross acres located in the Permian Basin of Texas; and its estimated net proved reserves were approximately 53.4 million barrels of oil equivalent.
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