Resolute Energy (REN) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Resolute Energy (NYSE:REN) from a strong-buy rating to a hold rating in a research note released on Friday, February 9th.

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 brokerages have also recently issued reports on REN. BMO Capital Markets set a $35.00 target price on shares of Resolute Energy and gave the stock a hold rating in a report on Tuesday, October 24th. Goldman Sachs Group set a $37.00 price objective on shares of Resolute Energy and gave the company a buy rating in a report on Wednesday, December 6th. ValuEngine cut shares of Resolute Energy from a hold rating to a sell rating in a report on Friday, February 2nd. SunTrust Banks reiterated a buy rating on shares of Resolute Energy in a research report on Friday, November 10th. Finally, Barclays reiterated a buy rating and issued a $36.00 target price on shares of Resolute Energy in a research report on Sunday, December 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $43.89.

Shares of Resolute Energy (REN) traded down $0.48 during trading on Friday, hitting $35.14. 627,135 shares of the company traded hands, compared to its average volume of 845,987. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of -8.75. Resolute Energy has a 12-month low of $23.64 and a 12-month high of $49.14. The stock has a market capitalization of $801.59, a PE ratio of -24.07 and a beta of 3.42.

In other news, Director James E. Duffy sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $26.64, for a total value of $39,960.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James E. Duffy sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $30.96, for a total transaction of $92,880.00. The disclosure for this sale can be found here. Insiders have sold 19,999 shares of company stock worth $559,458 over the last ninety days. 7.30% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in REN. Lion Point Capital LP purchased a new stake in Resolute Energy during the 4th quarter worth approximately $30,683,000. Vanguard Group Inc. grew its holdings in Resolute Energy by 46.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,495,382 shares of the oil and gas exploration company’s stock worth $44,518,000 after acquiring an additional 472,759 shares in the last quarter. Monarch Alternative Capital LP grew its holdings in Resolute Energy by 33.3% during the 3rd quarter. Monarch Alternative Capital LP now owns 1,816,300 shares of the oil and gas exploration company’s stock worth $53,926,000 after acquiring an additional 453,251 shares in the last quarter. Penn Capital Management Co. Inc. grew its holdings in Resolute Energy by 362.9% during the 4th quarter. Penn Capital Management Co. Inc. now owns 504,679 shares of the oil and gas exploration company’s stock worth $15,898,000 after acquiring an additional 395,659 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in Resolute Energy during the 3rd quarter worth approximately $9,130,000.

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Resolute Energy Company Profile

Resolute Energy Corporation is an independent oil and gas company. The Company is engaged in the exploitation, development, exploration for and acquisition of oil and gas properties. The Company’s assets are located primarily in the Delaware Basin in west Texas (the Permian Properties or Permian Basin Properties) and Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field).

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