SRC Energy (SRCI) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of SRC Energy (NYSEAMERICAN:SRCI) from a buy rating to a hold rating in a research report sent to investors on Saturday.

According to Zacks, “SRC Energy Inc. is an oil and natural gas exploration and production company. It engages in the acquisition, development, exploitation, exploration and production of oil and natural gas properties, primarily located in the Wattenberg field in the D-J Basin of northeast Colorado. SRC Energy Inc., formerly known as Synergy Resources Corporation, is headquartered in Denver, CO. “

SRCI has been the topic of a number of other research reports. Roth Capital upgraded SRC Energy from a neutral rating to a buy rating and set a $12.00 target price on the stock in a research note on Thursday, October 18th. Robert W. Baird upgraded SRC Energy from a neutral rating to an outperform rating and boosted their target price for the company from $10.00 to $12.00 in a research note on Monday, October 15th. KLR Group restated a buy rating and issued a $15.00 target price on shares of SRC Energy in a research note on Monday, August 20th. Jefferies Financial Group set a $15.00 target price on SRC Energy and gave the company a buy rating in a research note on Friday, August 3rd. Finally, Seaport Global Securities restated a neutral rating on shares of SRC Energy in a research note on Tuesday, July 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. SRC Energy currently has an average rating of Hold and an average price target of $12.66.

Shares of SRC Energy stock opened at $7.67 on Friday. SRC Energy has a 12-month low of $6.68 and a 12-month high of $13.32.

SRC Energy (NYSEAMERICAN:SRCI) last posted its quarterly earnings results on Wednesday, October 31st. The oil and natural gas company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.01. The business had revenue of $160.98 million for the quarter, compared to analyst estimates of $155.20 million.

In other news, CEO Lynn A. Peterson purchased 20,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average price of $9.26 per share, with a total value of $185,200.00. Following the acquisition, the chief executive officer now directly owns 626,591 shares in the company, valued at approximately $5,802,232.66. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James P. Henderson purchased 10,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average cost of $9.26 per share, with a total value of $92,600.00. Following the acquisition, the chief financial officer now owns 252,412 shares in the company, valued at $2,337,335.12. The disclosure for this purchase can be found here.

Institutional investors have recently bought and sold shares of the business. Delphi Management Inc. MA acquired a new position in SRC Energy in the 2nd quarter valued at approximately $128,000. Envestnet Asset Management Inc. acquired a new position in SRC Energy in the 2nd quarter valued at approximately $126,000. Cim Investment Mangement Inc. acquired a new position in SRC Energy in the 2nd quarter valued at approximately $138,000. Allen Capital Group LLC acquired a new position in SRC Energy in the 3rd quarter valued at approximately $144,000. Finally, Chicago Equity Partners LLC acquired a new position in SRC Energy in the 2nd quarter valued at approximately $199,000.

SRC Energy Company Profile

SRC Energy Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado. As of December 31, 2017, it had net proved oil and natural gas reserves of 69.4 million barrels of oil and condensate, 559.9 billion cubic feet of natural gas, and 64.0 million barrels of natural gas liquids; and operated 551 net producing wells, as well as had 98,600 gross and 88,300 net acres under lease in the Wattenberg Field.

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