SRC Energy (SRCI) Upgraded to Buy at Zacks Investment Research

SRC Energy (NYSEAMERICAN:SRCI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday, Zacks.com reports. The brokerage presently has a $7.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.64% from the company’s previous close.

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. “

A number of other equities research analysts have also weighed in on SRCI. TheStreet upgraded SRC Energy from a “d+” rating to a “c” rating in a research note on Wednesday, March 6th. Robert W. Baird set a $5.00 price objective on SRC Energy and gave the company a “buy” rating in a research note on Friday, February 8th. Raymond James set a $8.00 price objective on SRC Energy and gave the company a “buy” rating in a research note on Wednesday, January 23rd. Imperial Capital restated an “outperform” rating and set a $14.00 price objective (up previously from $11.00) on shares of SRC Energy in a research note on Friday, February 8th. Finally, Ifs Securities upgraded SRC Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 7th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $10.45.

Shares of NYSEAMERICAN SRCI opened at $6.27 on Friday. SRC Energy has a fifty-two week low of $4.01 and a fifty-two week high of $13.32.

SRC Energy (NYSEAMERICAN:SRCI) last issued its quarterly earnings data on Wednesday, February 20th. The oil and natural gas company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $190.34 million for the quarter, compared to analyst estimates of $186.18 million.

Several institutional investors and hedge funds have recently modified their holdings of SRCI. Bank of New York Mellon Corp grew its position in shares of SRC Energy by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,191,455 shares of the oil and natural gas company’s stock worth $28,372,000 after acquiring an additional 99,220 shares in the last quarter. MetLife Investment Advisors LLC boosted its position in SRC Energy by 57.3% during the 3rd quarter. MetLife Investment Advisors LLC now owns 169,743 shares of the oil and natural gas company’s stock valued at $1,509,000 after purchasing an additional 61,837 shares during the period. AQR Capital Management LLC boosted its position in SRC Energy by 58.7% during the 3rd quarter. AQR Capital Management LLC now owns 122,213 shares of the oil and natural gas company’s stock valued at $1,086,000 after purchasing an additional 45,222 shares during the period. Teachers Advisors LLC boosted its position in SRC Energy by 2.4% during the 3rd quarter. Teachers Advisors LLC now owns 477,846 shares of the oil and natural gas company’s stock valued at $4,248,000 after purchasing an additional 11,066 shares during the period. Finally, Nordea Investment Management AB boosted its position in SRC Energy by 433.2% during the 3rd quarter. Nordea Investment Management AB now owns 605,173 shares of the oil and natural gas company’s stock valued at $5,379,000 after purchasing an additional 491,673 shares during the period.

About SRC Energy

SRC Energy Inc, an 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, 2018, it had net proved oil and natural gas reserves of 88 million barrels of oil and condensate, 771.9 billion cubic feet of natural gas, and 89.1 million barrels of natural gas liquids; and operated 985 net producing wells, as well as had 95,200 gross and 86,200 net acres under lease in the Wattenberg Field.

Read More: How to calculate compound interest

Get a free copy of the Zacks research report on SRC Energy (SRCI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for SRC Energy (NYSEAMERICAN:SRCI)

Receive News & Ratings for SRC Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SRC Energy and related companies with MarketBeat.com's FREE daily email newsletter.