HighPoint Resources (NYSE:HPR) Upgraded to Buy by Zacks Investment Research

HighPoint Resources (NYSE:HPR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The brokerage currently has a $1.50 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 28.21% from the stock’s previous close.

According to Zacks, “HighPoint Resources Corporation is an exploration and production company. It focuses on the development of oil and natural gas assets primarily in the Denver-Julesburg Basin of Colorado. HighPoint Resources Corporation, formerly known as Bill Barrett Corporation, is based in Denver, Colorado. “

A number of other equities research analysts have also recently commented on the company. Seaport Global Securities cut HighPoint Resources from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. ValuEngine raised HighPoint Resources from a “hold” rating to a “buy” rating in a research note on Friday, January 10th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $3.00.

HighPoint Resources stock traded down $0.14 during mid-day trading on Friday, reaching $1.17. The stock had a trading volume of 746,046 shares, compared to its average volume of 1,007,865. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.65 and a current ratio of 0.65. HighPoint Resources has a fifty-two week low of $0.91 and a fifty-two week high of $3.11. The stock’s 50-day simple moving average is $1.52 and its 200-day simple moving average is $1.35. The firm has a market capitalization of $288.46 million, a PE ratio of 1.83 and a beta of 3.45.

HighPoint Resources (NYSE:HPR) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. HighPoint Resources had a negative return on equity of 2.78% and a net margin of 29.34%. The firm had revenue of $121.28 million during the quarter, compared to analysts’ expectations of $126.52 million. During the same quarter last year, the firm posted $0.01 earnings per share. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. On average, research analysts forecast that HighPoint Resources will post -0.17 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in HPR. Russell Investments Group Ltd. boosted its position in shares of HighPoint Resources by 41.2% during the third quarter. Russell Investments Group Ltd. now owns 14,160,786 shares of the company’s stock valued at $22,513,000 after buying an additional 4,133,658 shares during the last quarter. BlackRock Inc. boosted its position in shares of HighPoint Resources by 5.7% during the second quarter. BlackRock Inc. now owns 16,849,300 shares of the company’s stock valued at $30,667,000 after buying an additional 901,976 shares during the last quarter. Boston Partners boosted its position in shares of HighPoint Resources by 13.4% during the second quarter. Boston Partners now owns 5,117,301 shares of the company’s stock valued at $9,313,000 after buying an additional 605,607 shares during the last quarter. Morgan Stanley boosted its position in shares of HighPoint Resources by 95.0% during the second quarter. Morgan Stanley now owns 582,582 shares of the company’s stock valued at $1,060,000 after buying an additional 283,831 shares during the last quarter. Finally, Raffles Associates LP boosted its position in shares of HighPoint Resources by 41.8% during the third quarter. Raffles Associates LP now owns 380,100 shares of the company’s stock valued at $604,000 after buying an additional 112,100 shares during the last quarter. 93.18% of the stock is currently owned by institutional investors.

HighPoint Resources Company Profile

HighPoint Resources Corporation, together with its subsidiaries, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It primarily holds interests in the Denver Julesburg Basin in Colorado's eastern plains and parts of southeastern Wyoming.

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