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

Zacks Investment Research cut 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 also recently issued research reports about the stock. Raymond James reissued a strong-buy rating and set a $6.00 target price (down previously from $7.00) on shares of SRC Energy in a research report on Friday, August 2nd. Wells Fargo & Co reissued a buy rating on shares of SRC Energy in a research report on Monday, August 12th. Robert W. Baird set a $10.00 target price on shares of SRC Energy and gave the company a buy rating in a research report on Friday, May 17th. KeyCorp assumed coverage on shares of SRC Energy in a research report on Tuesday, May 28th. They set an overweight rating and a $7.00 target price for the company. Finally, Ifs Securities raised shares of SRC Energy from an outperform rating to a strong-buy rating in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $11.44.

Shares of NYSEAMERICAN SRCI opened at $4.36 on Thursday. SRC Energy has a 12 month low of $3.17 and a 12 month high of $10.14.

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

Several institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc raised its position in SRC Energy by 75.4% in the 1st quarter. Versant Capital Management Inc now owns 7,835 shares of the oil and natural gas company’s stock valued at $40,000 after buying an additional 3,368 shares during the last quarter. Strs Ohio purchased a new stake in SRC Energy in the 2nd quarter valued at $43,000. SRS Capital Advisors Inc. purchased a new stake in SRC Energy in the 2nd quarter valued at $49,000. Denali Advisors LLC purchased a new stake in SRC Energy in the 2nd quarter valued at $53,000. Finally, GAM Holding AG purchased a new stake in SRC Energy in the 2nd quarter valued at $54,000.

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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