Piper Sandler Issues Pessimistic Forecast for EagleRock Land (NYSE:EROK) Stock Price

EagleRock Land (NYSE:EROK) had its target price cut by investment analysts at Piper Sandler from $31.00 to $29.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler‘s price objective would suggest a potential upside of 46.61% from the company’s previous close.

Several other research analysts have also issued reports on EROK. Barclays upped their target price on shares of EagleRock Land from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. dropped their price target on EagleRock Land from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Weiss Ratings upgraded EagleRock Land from a “sell (e-)” rating to a “sell (e)” rating in a report on Tuesday. Finally, The Goldman Sachs Group upped their price objective on EagleRock Land from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, EagleRock Land presently has an average rating of “Moderate Buy” and an average price target of $27.33.

EagleRock Land Stock Performance

Shares of EROK traded up $1.22 during trading hours on Thursday, reaching $19.78. 374,359 shares of the company’s stock traded hands, compared to its average volume of 315,389. EagleRock Land has a 12 month low of $16.99 and a 12 month high of $27.42. The company has a market capitalization of $2.60 billion and a PE ratio of 21.04. The firm’s 50 day simple moving average is $21.72.

EagleRock Land (NYSE:EROK) last announced its earnings results on Tuesday, November 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.03). The business had revenue of $43.35 million for the quarter. Analysts expect that EagleRock Land will post 1.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Schwartz Investment Counsel Inc. grew its position in EagleRock Land by 18.8% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 579,996 shares of the company’s stock worth $12,064,000 after acquiring an additional 91,881 shares during the last quarter. Citadel Advisors LLC bought a new stake in EagleRock Land in the second quarter valued at approximately $11,675,000. Alyeska Investment Group L.P. bought a new stake in EagleRock Land in the second quarter valued at approximately $1,169,000. Caz Investments LP purchased a new stake in shares of EagleRock Land during the second quarter valued at approximately $1,062,000. Finally, HighTower Advisors LLC purchased a new stake in shares of EagleRock Land during the second quarter valued at approximately $956,000.

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.