Zacks Investment Research upgraded shares of Resolute Energy (NYSE:REN) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday morning. They currently have $39.00 target price on the oil and gas exploration company’s stock.
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 have also recently issued reports on REN. Goldman Sachs Group upgraded shares of Resolute Energy from a neutral rating to a buy rating and set a $32.00 target price for the company in a research note on Thursday, October 19th. They noted that the move was a valuation call. BMO Capital Markets set a $35.00 target price on shares of Resolute Energy and gave the company a hold rating in a research note on Tuesday, October 24th. SunTrust Banks reiterated a buy rating on shares of Resolute Energy in a research note on Friday, November 10th. Northland Securities set a $50.00 target price on shares of Resolute Energy and gave the company a buy rating in a research note on Thursday, November 16th. Finally, Barclays reiterated an overweight rating and issued a $37.00 target price on shares of Resolute Energy in a research note on Monday, November 20th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $43.89.
Resolute Energy (REN) opened at $35.14 on Wednesday. The company has a quick ratio of 0.42, a current 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 cap of $801.59, a price-to-earnings ratio of -24.07 and a beta of 3.42.
In related news, Director James E. Duffy sold 2,000 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $28.04, for a total value of $56,080.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Duffy sold 1,500 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $26.64, for a total transaction of $39,960.00. The disclosure for this sale can be found here. In the last three months, insiders sold 19,999 shares of company stock valued at $559,458. 7.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC increased its holdings in Resolute Energy by 6.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 7,507 shares of the oil and gas exploration company’s stock worth $223,000 after acquiring an additional 470 shares in the last quarter. Brown Advisory Inc. purchased a new stake in Resolute Energy in the 3rd quarter worth $233,000. UBS Asset Management Americas Inc. increased its holdings in Resolute Energy by 63.0% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,800 shares of the oil and gas exploration company’s stock worth $262,000 after acquiring an additional 3,400 shares in the last quarter. Jane Street Group LLC purchased a new stake in Resolute Energy in the 3rd quarter worth $270,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Resolute Energy in the 2nd quarter worth $285,000.
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About Resolute Energy
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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