Resolute Energy (NYSE:REN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Resolute Energy Corporation, formerly Hicks Acquisition Company I, Inc. (HACI), is an independent oil and gas company engaged in the acquisition, exploitation and development of oil and gas properties. The company operates producing properties in Utah, which were legacy properties acquired from two major oil companies, in connection with a strategic alliance with Navajo Nation Oil and Gas Company (wholly owned by the Navajo Nation) and in Wyoming and Oklahoma, which were acquired through the acquisition of a privately held oil and gas producer. In addition, Resolute owns exploration properties in Wyoming and Alabama. “
Several other equities analysts also recently commented on the company. ValuEngine downgraded Resolute Energy from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. BMO Capital Markets reiterated a “hold” rating and set a $33.00 price target on shares of Resolute Energy in a report on Tuesday, November 13th. Seaport Global Securities reiterated a “hold” rating and set a $35.00 price target on shares of Resolute Energy in a report on Wednesday, November 7th. Finally, SunTrust Banks set a $36.00 price target on Resolute Energy and gave the company a “hold” rating in a report on Tuesday, November 27th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $37.75.
Resolute Energy (NYSE:REN) last announced its quarterly earnings results on Monday, November 5th. The oil and gas exploration company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.23). Resolute Energy had a negative net margin of 10.10% and a negative return on equity of 22.38%. The company had revenue of $106.75 million for the quarter, compared to analyst estimates of $104.54 million. Equities research analysts forecast that Resolute Energy will post 1.66 EPS for the current year.
In other news, Director James E. Duffy sold 1,000 shares of the firm’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $32.35, for a total value of $32,350.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Kemc Fund Iv Gp, Llc acquired 295,845 shares of the stock in a transaction dated Tuesday, October 30th. The stock was bought at an average price of $25.95 per share, for a total transaction of $7,677,177.75. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 803,690 shares of company stock worth $21,467,342 and sold 31,922 shares worth $1,107,406. Company insiders own 11.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in REN. Sei Investments Co. boosted its stake in Resolute Energy by 63.2% during the second quarter. Sei Investments Co. now owns 40,255 shares of the oil and gas exploration company’s stock worth $1,256,000 after buying an additional 15,590 shares in the last quarter. Swiss National Bank boosted its stake in Resolute Energy by 12.3% during the second quarter. Swiss National Bank now owns 34,800 shares of the oil and gas exploration company’s stock worth $1,086,000 after buying an additional 3,800 shares in the last quarter. BlackRock Inc. boosted its stake in Resolute Energy by 5.7% during the second quarter. BlackRock Inc. now owns 1,471,841 shares of the oil and gas exploration company’s stock worth $45,922,000 after buying an additional 78,785 shares in the last quarter. Richard Bernstein Advisors LLC acquired a new stake in Resolute Energy during the second quarter worth $5,731,000. Finally, United Services Automobile Association boosted its stake in Resolute Energy by 7.7% during the second quarter. United Services Automobile Association now owns 433,551 shares of the oil and gas exploration company’s stock worth $13,527,000 after buying an additional 30,900 shares in the last quarter. Institutional investors and hedge funds own 98.05% of the company’s stock.
About Resolute Energy
Resolute Energy Corporation, an independent oil and gas company, engages in the acquisition, exploitation, exploration for, and development of oil and gas properties in the United States. Its principal project area is located in the Delaware Basin portion of the Permian Basin, Reeves County. As of December 31, 2017, it had interests in approximately 27,100 gross acres located in the Permian Basin of Texas; and its estimated net proved reserves were approximately 53.4 million barrels of oil equivalent.
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