California Public Employees Retirement System purchased a new position in SRC Energy Inc (NASDAQ:SRCI) during the first quarter, according to its most recent disclosure with the SEC. The fund purchased 100,300 shares of the oil and natural gas company’s stock, valued at approximately $847,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new position in SRC Energy during the first quarter worth about $120,737,000. Alliancebernstein L.P. bought a new position in shares of SRC Energy during the first quarter valued at $116,804,000. JPMorgan Chase & Co. bought a new position in shares of SRC Energy during the first quarter valued at $87,050,000. Wellington Management Group LLP bought a new position in shares of SRC Energy during the first quarter valued at $77,595,000. Finally, Bank of New York Mellon Corp bought a new position in shares of SRC Energy during the first quarter valued at $40,513,000.

Shares of SRC Energy Inc (NASDAQ SRCI) traded up 0.37% on Wednesday, hitting $8.04. The company’s stock had a trading volume of 117,940 shares. The firm has a market cap of $1.62 billion and a PE ratio of 47.57. The company has a 50 day moving average of $7.57 and a 200 day moving average of $7.71. SRC Energy Inc has a 1-year low of $5.87 and a 1-year 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 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.03. The company 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 9.36% and a net margin of 44.12%. Equities analysts forecast that SRC Energy Inc will post $0.59 EPS for the current year.

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Several research analysts have weighed in on SRCI shares. Capital One Financial Corporation started coverage on SRC Energy in a research note on Tuesday, April 25th. They issued an “overweight” rating and a $13.00 target price on the stock. Wells Fargo & Company downgraded SRC Energy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 3rd. Credit Suisse Group reiterated an “outperform” rating and issued a $10.00 target price on shares of SRC Energy in a research note on Friday, June 2nd. BMO Capital Markets reiterated a “hold” rating and issued a $9.00 target price on shares of SRC Energy in a research note on Wednesday, June 21st. Finally, Seaport Global Securities downgraded SRC Energy from a “buy” rating to a “neutral” rating and lowered their target price for the company from $10.00 to $5.00 in a research note on Wednesday, June 21st. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. SRC Energy currently has an average rating of “Buy” and an average price target of $11.34.

In related news, COO Nicholas Spence bought 8,000 shares of the stock in a transaction dated Thursday, June 8th. The stock was bought at an average cost of $6.45 per share, with a total value of $51,600.00. Following the completion of the acquisition, the chief operating officer now owns 108,222 shares of the company’s stock, valued at $698,031.90. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SRC Energy Company Profile

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.

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Institutional Ownership by Quarter for SRC Energy (NASDAQ:SRCI)

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