Simmons Reiterates Overweight Rating for SRC Energy Inc (SRCI)

Simmons reissued their overweight rating on shares of SRC Energy Inc (NASDAQ:SRCI) in a report issued on Friday, April 14th. Simmons currently has a $11.00 target price on the oil and natural gas company’s stock.

Several other brokerages also recently issued reports on SRCI. Piper Jaffray Companies restated an overweight rating and issued a $11.00 price target on shares of SRC Energy in a report on Wednesday, April 12th. Zacks Investment Research downgraded SRC Energy from a buy rating to a hold rating in a report on Saturday, March 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $15.38.

SRC Energy (NASDAQ:SRCI) traded up 1.50% on Friday, reaching $7.42. 1,625,591 shares of the company traded hands. The stock’s market capitalization is $1.49 billion. The firm has a 50 day moving average price of $7.89 and a 200 day moving average price of $8.34. SRC Energy has a 52-week low of $5.66 and a 52-week high of $10.38.

SRC Energy (NASDAQ:SRCI) last announced its quarterly earnings results on Thursday, May 4th. The oil and natural gas company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.06. The business had revenue of $45.06 million during the quarter, compared to the consensus estimate of $43.60 million. Equities research analysts predict that SRC Energy will post $0.45 EPS for the current year.

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In related news, Director Paul Korus purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, March 29th. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $41,750.00. Following the completion of the purchase, the director now directly owns 16,910 shares in the company, valued at $141,198.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commerce Bank bought a new position in SRC Energy during the first quarter worth $101,000. UBS Group AG bought a new position in SRC Energy during the first quarter worth $101,000. Flinton Capital Management LLC bought a new position in SRC Energy during the first quarter worth $105,000. World Asset Management Inc bought a new position in SRC Energy during the first quarter worth $106,000. Finally, OppenheimerFunds Inc. acquired a new stake in SRC Energy during the first quarter worth about $118,000.

SRC Energy Company Profile

SRC Energy Inc, formerly Synergy Resources Corporation, is an independent oil and natural gas company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in and around the Denver-Julesburg Basin (D-J Basin) of Colorado. The D-J Basin generally extends from the Denver metropolitan area throughout northeast Colorado into Wyoming, Nebraska, and Kansas.

5 Day Chart for NASDAQ:SRCI

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