Seaport Global Securities cut shares of SRC Energy Inc (NASDAQ:SRCI) from a buy rating to a neutral rating in a research report report published on Wednesday, June 21st, Marketbeat.com reports. The firm currently has $5.00 price objective on the oil and natural gas company’s stock, down from their prior price objective of $10.00.
Several other analysts have also weighed in on SRCI. Zacks Investment Research raised SRC Energy from a hold rating to a buy rating and set a $8.50 price objective on the stock in a research note on Friday, March 10th. Piper Jaffray Companies reiterated an overweight rating and issued a $11.00 target price on shares of SRC Energy in a research report on Wednesday, April 12th. Simmons reiterated an overweight rating and issued a $11.00 target price on shares of SRC Energy in a research report on Friday, April 14th. Capital One Financial Corporation assumed coverage on SRC Energy in a research report on Tuesday, April 25th. They issued an overweight rating and a $13.00 target price for the company. Finally, Wells Fargo & Company downgraded SRC Energy from an outperform rating to a market perform rating in a research report on Wednesday, May 3rd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $11.72.
Shares of SRC Energy (NASDAQ SRCI) traded up 0.41% on Wednesday, hitting $7.31. 4,149,149 shares of the stock traded hands. The stock has a 50-day moving average price of $6.79 and a 200 day moving average price of $7.80. SRC Energy has a 12-month low of $5.87 and a 12-month high of $10.38. The stock’s market cap is $1.47 billion.
SRC Energy (NASDAQ:SRCI) last released its quarterly earnings data on Thursday, May 4th. The oil and natural gas company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.06. The business had revenue of $45.06 million for the quarter, compared to analyst estimates of $43.60 million. SRC Energy had a return on equity of 9.36% and a net margin of 44.12%. On average, analysts anticipate that SRC Energy will post $0.46 earnings per share for the current fiscal year.
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In related news, COO Nicholas Spence acquired 8,000 shares of the stock in a transaction dated Thursday, June 8th. The stock was bought at an average cost of $6.45 per share, for a total transaction of $51,600.00. Following the completion of the transaction, the chief operating officer now directly owns 108,222 shares of the company’s stock, valued at $698,031.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Large investors have recently added to or reduced their stakes in the company. UBS Group AG acquired a new stake in SRC Energy during the first quarter valued at approximately $101,000. Commerce Bank purchased a new stake in shares of SRC Energy during the first quarter worth approximately $101,000. Piedmont Investment Advisors LLC purchased a new stake in shares of SRC Energy during the first quarter worth approximately $101,000. Flinton Capital Management LLC purchased a new stake in shares of SRC Energy during the first quarter worth approximately $105,000. Finally, World Asset Management Inc purchased a new stake in shares of SRC Energy during the first quarter worth approximately $106,000.
SRC Energy Company Profile
SRC Energy Inc, formerly Synergy Resources Corporation, is an independent oil and natural gas company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in and around the Denver-Julesburg Basin (D-J Basin) of Colorado. The D-J Basin generally extends from the Denver metropolitan area throughout northeast Colorado into Wyoming, Nebraska, and Kansas.
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