SRC Energy Inc (SRCI) Upgraded by Zacks Investment Research to Buy

SRC Energy Inc (NASDAQ:SRCI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The firm presently has a $10.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.62% from the stock’s previous close.

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. “

A number of other research firms have also weighed in on SRCI. Stephens reaffirmed an “overweight” rating and set a $12.00 target price (up previously from $11.00) on shares of SRC Energy in a report on Saturday, September 30th. Roth Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of SRC Energy in a report on Monday, October 2nd. Stifel Nicolaus set a $10.00 target price on SRC Energy and gave the company a “buy” rating in a report on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating and set a $13.00 price objective on shares of SRC Energy in a report on Thursday, October 5th. Finally, Scotiabank set a $14.00 price objective on SRC Energy and gave the stock a “buy” rating in a report on Tuesday, October 17th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $11.97.

Shares of SRC Energy (SRCI) opened at 9.04 on Friday. The firm has a market capitalization of $1.82 billion and a P/E ratio of 53.49. The firm’s 50-day moving average is $8.85 and its 200-day moving average is $7.82. SRC Energy has a 52 week low of $6.19 and a 52 week high of $10.38.

SRC Energy (NASDAQ:SRCI) last posted its earnings results on Thursday, August 3rd. The oil and natural gas company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. The business had revenue of $75.04 million during the quarter, compared to analyst estimates of $68.08 million. SRC Energy had a return on equity of 12.75% and a net margin of 37.23%. Equities analysts anticipate that SRC Energy will post $0.61 EPS for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in SRC Energy in the first quarter worth approximately $203,143,000. Vivaldi Asset Management LLC purchased a new stake in SRC Energy in the second quarter worth approximately $3,321,000. State Street Corp purchased a new stake in SRC Energy in the first quarter worth approximately $68,552,000. OppenheimerFunds Inc. purchased a new stake in SRC Energy in the first quarter worth approximately $118,000. Finally, New York State Teachers Retirement System purchased a new stake in SRC Energy in the first quarter worth approximately $3,896,000.

About SRC Energy

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.

Analyst Recommendations for SRC Energy (NASDAQ:SRCI)

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