SRC Energy Inc (NYSEAMERICAN:SRCI) – Analysts at Piper Jaffray Companies cut their Q1 2019 earnings per share estimates for SRC Energy in a note issued to investors on Wednesday, January 9th. Piper Jaffray Companies analyst K. Harrison now anticipates that the oil and natural gas company will post earnings of $0.13 per share for the quarter, down from their previous estimate of $0.24. Piper Jaffray Companies also issued estimates for SRC Energy’s Q2 2019 earnings at $0.14 EPS, Q3 2019 earnings at $0.16 EPS, Q4 2019 earnings at $0.18 EPS, FY2019 earnings at $0.61 EPS, Q1 2020 earnings at $0.20 EPS, Q2 2020 earnings at $0.19 EPS, Q3 2020 earnings at $0.20 EPS, Q4 2020 earnings at $0.21 EPS and FY2020 earnings at $0.81 EPS.
Several other brokerages have also recently issued reports on SRCI. Robert W. Baird upgraded shares of SRC Energy from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $10.00 to $12.00 in a research report on Monday, October 15th. Roth Capital upgraded shares of SRC Energy from a “neutral” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Thursday, October 18th. Zacks Investment Research upgraded shares of SRC Energy from a “hold” rating to a “buy” rating and set a $8.75 price target on the stock in a research report on Thursday, October 25th. JPMorgan Chase & Co. cut shares of SRC Energy from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $9.00 to $6.00 in a research report on Friday, December 7th. Finally, TheStreet cut shares of SRC Energy from a “c-” rating to a “d+” rating in a research report on Friday, December 14th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $12.19.
Shares of NYSEAMERICAN SRCI opened at $5.05 on Friday. SRC Energy has a 1 year low of $4.01 and a 1 year high of $13.32.
SRC Energy (NYSEAMERICAN:SRCI) last issued its quarterly earnings data on Wednesday, October 31st. The oil and natural gas company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.25 by $0.01. The firm had revenue of $160.98 million for the quarter, compared to the consensus estimate of $155.20 million.
In related news, EVP Nicholas Spence acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were bought at an average price of $7.57 per share, for a total transaction of $75,700.00. Following the completion of the transaction, the executive vice president now directly owns 145,492 shares in the company, valued at $1,101,374.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRCI. Schwab Charles Investment Management Inc. raised its position in SRC Energy by 5.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,255,487 shares of the oil and natural gas company’s stock worth $13,836,000 after acquiring an additional 66,800 shares during the period. BlackRock Inc. raised its position in SRC Energy by 6.3% in the second quarter. BlackRock Inc. now owns 33,684,662 shares of the oil and natural gas company’s stock worth $371,205,000 after acquiring an additional 1,991,238 shares during the period. Legal & General Group Plc raised its position in SRC Energy by 5.7% in the second quarter. Legal & General Group Plc now owns 527,655 shares of the oil and natural gas company’s stock worth $5,793,000 after acquiring an additional 28,250 shares during the period. Envestnet Asset Management Inc. bought a new position in SRC Energy in the second quarter worth approximately $126,000. Finally, OppenheimerFunds Inc. raised its position in SRC Energy by 22.2% in the second quarter. OppenheimerFunds Inc. now owns 68,625 shares of the oil and natural gas company’s stock worth $757,000 after acquiring an additional 12,460 shares during the period.
About SRC Energy
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.
Further Reading: What is the yield curve?
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.