SRC Energy (NYSEAMERICAN:SRCI) Downgraded to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of SRC Energy (NYSEAMERICAN:SRCI) from a hold rating to a strong sell rating in a research note issued to investors on Thursday morning, Zacks.com reports.

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. “

Other analysts have also recently issued reports about the stock. Raymond James restated a strong-buy rating and issued a $6.00 price objective (down from $7.00) on shares of SRC Energy in a research note on Friday, August 2nd. Wells Fargo & Co restated a buy rating on shares of SRC Energy in a research note on Monday. Pivotal Research initiated coverage on shares of SRC Energy in a research note on Wednesday, May 29th. They issued a buy rating and a $37.29 price objective for the company. Ifs Securities upgraded shares of SRC Energy from an outperform rating to a strong-buy rating in a research note on Tuesday, April 23rd. Finally, Robert W. Baird set a $10.00 price objective on shares of SRC Energy and gave the stock a buy rating in a research note on Friday, May 17th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. SRC Energy has a consensus rating of Buy and an average target price of $11.44.

NYSEAMERICAN SRCI traded up $0.13 during trading on Thursday, reaching $4.17. The company’s stock had a trading volume of 51,863 shares, compared to its average volume of 4,365,117. SRC Energy has a 1-year low of $3.17 and a 1-year high of $10.14.

SRC Energy (NYSEAMERICAN:SRCI) last posted its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.22 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.22. The business had revenue of $162.60 million during the quarter, compared to analyst estimates of $179.12 million.

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in SRC Energy by 10.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 16,318,394 shares of the oil and natural gas company’s stock worth $76,695,000 after acquiring an additional 1,497,267 shares during the period. Victory Capital Management Inc. increased its position in SRC Energy by 15.4% during the second quarter. Victory Capital Management Inc. now owns 11,909,339 shares of the oil and natural gas company’s stock worth $59,070,000 after acquiring an additional 1,593,002 shares during the period. LSV Asset Management increased its position in SRC Energy by 1.6% during the second quarter. LSV Asset Management now owns 9,219,842 shares of the oil and natural gas company’s stock worth $45,730,000 after acquiring an additional 141,000 shares during the period. Northern Trust Corp increased its position in SRC Energy by 0.6% during the second quarter. Northern Trust Corp now owns 5,077,759 shares of the oil and natural gas company’s stock worth $25,187,000 after acquiring an additional 28,202 shares during the period. Finally, Westwood Holdings Group Inc. increased its position in SRC Energy by 56.9% during the first quarter. Westwood Holdings Group Inc. now owns 4,775,078 shares of the oil and natural gas company’s stock worth $24,449,000 after acquiring an additional 1,732,493 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.

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