Barclays Issues Pessimistic Forecast for ERock (NYSE:EROC) Stock Price

ERock (NYSE:EROC) had its price objective reduced by analysts at Barclays from $23.00 to $22.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 182.41% from the company’s current price.

EROC has been the topic of several other research reports. Guggenheim lowered their target price on shares of ERock from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Morgan Stanley boosted their target price on shares of ERock from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Weiss Ratings assumed coverage on ERock in a research note on Friday, September 4th. They issued a “sell (e-)” rating for the company. Bank of America upgraded ERock from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. dropped their target price on shares of ERock from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.62.

ERock Trading Down 6.6%

ERock stock traded down $0.55 during mid-day trading on Friday, hitting $7.79. The company’s stock had a trading volume of 787,302 shares, compared to its average volume of 2,627,749. ERock has a 12 month low of $6.41 and a 12 month high of $20.70. The business has a 50 day moving average of $10.70. The stock has a market cap of $375.24 million and a PE ratio of -129.83.

ERock (NYSE:EROC) last announced its earnings results on Thursday, November 12th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $152.77 million for the quarter. Equities analysts forecast that ERock will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On ERock

A number of hedge funds and other institutional investors have recently made changes to their positions in EROC. Wellington Management Group LLP acquired a new stake in ERock in the second quarter valued at about $7,228,000. BlueCrest Capital Management Ltd purchased a new position in shares of ERock during the 2nd quarter worth $2,900,000. Value Aligned Research Advisors LLC acquired a new stake in shares of ERock during the 2nd quarter worth $19,516,000. CenterBook Partners LP acquired a new stake in ERock in the 3rd quarter valued at $3,134,000. Finally, Kayne Anderson Capital Advisors LP purchased a new stake in ERock during the 2nd quarter worth $710,000.

More ERock News

These are some of the EROC news items that stood out recently:

• Positive Sentiment: On an adjusted basis, quarterly EPS of $0.04 beat the consensus estimate of a $0.01 loss, supporting the view that operating performance is improving. Quarterly earnings report
• Neutral Sentiment: Analyst coverage cited an average price target of $21.75, though targets are estimates and do not guarantee future performance. Average analyst price target
• Negative Sentiment: GAAP EPS was a loss of $0.31, missing the estimate of a $0.02 loss—a contrast with the adjusted EPS beat that may have weighed on sentiment. GAAP EPS results

ERock Company Profile

ERock, formally Eagle Rock Energy Partners, L.P., was a Houston-based master limited partnership focused on natural gas and oil. Its businesses included midstream services such as gathering, processing and treating natural gas, as well as exploration and production activities. The partnership operated assets in several U.S. regions, including the Permian Basin and Gulf Coast. In 2014, it sold its upstream business to Vanguard Natural Resources and its remaining midstream operations to Regency Energy Partners, ending its operations as an independent company.