SRC Energy Inc (NYSEAMERICAN:SRCI) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 34,330,460 shares, a decline of 6.5% from the November 30th total of 36,719,402 shares. Based on an average trading volume of 3,616,153 shares, the days-to-cover ratio is currently 9.5 days. Approximately 14.4% of the company’s stock are short sold.
Several analysts have recently commented on SRCI shares. SunTrust Banks reaffirmed a “buy” rating and issued a $12.00 price objective on shares of SRC Energy in a report on Friday, October 27th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $13.00 price objective on shares of SRC Energy in a report on Tuesday, November 7th. Credit Suisse Group started coverage on shares of SRC Energy in a report on Monday, December 11th. They issued an “underperform” rating and a $8.00 price objective on the stock. Zacks Investment Research downgraded shares of SRC Energy from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $12.00 price objective on shares of SRC Energy in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $11.73.
Hedge funds and other institutional investors have recently modified their holdings of the company. Miller Howard Investments Inc. NY acquired a new stake in SRC Energy during the third quarter worth about $168,000. Northern Trust Corp increased its position in SRC Energy by 6.3% during the second quarter. Northern Trust Corp now owns 3,562,827 shares of the oil and natural gas company’s stock worth $23,977,000 after purchasing an additional 212,710 shares during the last quarter. Prudential Financial Inc. increased its position in SRC Energy by 78.7% during the third quarter. Prudential Financial Inc. now owns 613,450 shares of the oil and natural gas company’s stock worth $5,932,000 after purchasing an additional 270,090 shares during the last quarter. Vivaldi Asset Management LLC acquired a new stake in SRC Energy during the second quarter worth about $3,321,000. Finally, Elk Creek Partners LLC increased its position in SRC Energy by 2.3% during the third quarter. Elk Creek Partners LLC now owns 881,922 shares of the oil and natural gas company’s stock worth $8,528,000 after purchasing an additional 20,143 shares during the last quarter.
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.
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