JPMorgan Chase & Co. Has Lowered Expectations for EagleRock Land (NYSE:EROK) Stock Price

EagleRock Land (NYSE:EROK) had its target price cut by equities researchers at JPMorgan Chase & Co. from $29.00 to $27.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 30.94% from the company’s previous close.

EROK has been the topic of several other reports. Barclays upped their price objective on shares of EagleRock Land from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Piper Sandler lifted their target price on shares of EagleRock Land from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. Weiss Ratings assumed coverage on shares of EagleRock Land in a research note on Friday, August 14th. They issued a “sell (e)” rating for the company. Finally, The Goldman Sachs Group boosted their price target on shares of EagleRock Land from $24.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, EagleRock Land has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

EagleRock Land Price Performance

Shares of NYSE EROK traded down $1.05 during trading on Tuesday, reaching $20.62. 217,615 shares of the stock traded hands, compared to its average volume of 241,587. The stock has a market cap of $2.71 billion and a PE ratio of 21.94. EagleRock Land has a 52-week low of $19.75 and a 52-week high of $27.42. The firm has a 50-day moving average of $23.87.

EagleRock Land (NYSE:EROK) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.56). The company had revenue of $46.79 million during the quarter. The firm’s revenue was up 74.0% compared to the same quarter last year. Equities analysts anticipate that EagleRock Land will post 3.18 earnings per share for the current year.

Hedge Funds Weigh In On EagleRock Land

Large investors have recently made changes to their positions in the stock. Citadel Advisors LLC purchased a new position in shares of EagleRock Land in the second quarter valued at $11,675,000. Alyeska Investment Group L.P. bought a new stake in shares of EagleRock Land during the 2nd quarter valued at $1,169,000. Caz Investments LP bought a new stake in shares of EagleRock Land during the 2nd quarter valued at $1,062,000. HighTower Advisors LLC purchased a new stake in EagleRock Land during the 2nd quarter worth about $956,000. Finally, Readystate Asset Management LP purchased a new stake in EagleRock Land during the 2nd quarter worth about $425,000.

About EagleRock Land

EagleRock Land, LLC is a land management royalty company which controls surface acreage in the core of the Permian Basin providing access to land, resources and infrastructure for critical industries. EagleRock Land, LLC is based in HOUSTON.