Infinity Natural Resources (NYSE:INR) Trading Down 6% – Here’s What Happened

Infinity Natural Resources Inc. (NYSE:INR) shares dropped 6% during mid-day trading on Thursday . The stock traded as low as $13.18 and last traded at $13.0350. Approximately 153,728 shares changed hands during trading, a decline of 48% from the average daily volume of 298,311 shares. The stock had previously closed at $13.86.

Analyst Ratings Changes

A number of brokerages recently commented on INR. Citigroup lowered their price objective on Infinity Natural Resources from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Infinity Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research cut shares of Infinity Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Weiss Ratings reissued a “sell (d)” rating on shares of Infinity Natural Resources in a research note on Monday, May 4th. Finally, KeyCorp increased their price objective on shares of Infinity Natural Resources from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Infinity Natural Resources has an average rating of “Hold” and a consensus target price of $22.00.

Infinity Natural Resources Trading Down 9.4%

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 2.98. The company has a market capitalization of $798.06 million, a P/E ratio of 4.52 and a beta of -0.54. The firm’s 50 day moving average price is $15.45.

Infinity Natural Resources (NYSE:INR) last announced its quarterly earnings results on Tuesday, March 10th. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.67. Infinity Natural Resources had a net margin of 11.05% and a return on equity of 42.90%. The company had revenue of $117.06 million for the quarter. On average, analysts forecast that Infinity Natural Resources Inc. will post 3.28 EPS for the current fiscal year.

Insider Activity

In other news, insider David Sproule sold 275,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $17.43, for a total value of $4,793,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn acquired 44,000 shares of the stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $13.19 per share, with a total value of $580,360.00. Following the transaction, the director directly owned 54,503 shares of the company’s stock, valued at $718,894.57. This represents a 418.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 64,900 shares of company stock worth $875,266 in the last 90 days. Corporate insiders own 40.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC lifted its stake in Infinity Natural Resources by 87.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 715,562 shares of the company’s stock valued at $10,540,000 after acquiring an additional 333,972 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Infinity Natural Resources by 285.3% during the 1st quarter. Renaissance Technologies LLC now owns 337,100 shares of the company’s stock worth $5,936,000 after acquiring an additional 249,600 shares in the last quarter. Thomist Capital Management LP acquired a new stake in shares of Infinity Natural Resources in the fourth quarter valued at approximately $3,082,000. Sei Investments Co. lifted its position in shares of Infinity Natural Resources by 153.6% in the first quarter. Sei Investments Co. now owns 275,422 shares of the company’s stock worth $4,850,000 after purchasing an additional 166,810 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Infinity Natural Resources by 103.5% in the first quarter. Bank of America Corp DE now owns 325,748 shares of the company’s stock worth $5,736,000 after purchasing an additional 165,690 shares in the last quarter.

Infinity Natural Resources Company Profile

We are a growth oriented, free cash flow generating, independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. We are focused on creating shareholder value through the identification and disciplined development of low-risk, highly economic oil and natural gas assets while maintaining a strong and flexible balance sheet. Additionally, we have proven our ability to grow our acreage position through organic leasing efforts and accretive acquisitions.