Credit Suisse Group Initiates Coverage on SRC Energy (SRCI)
Equities research analysts at Credit Suisse Group initiated coverage on shares of SRC Energy (NYSEAMERICAN:SRCI) in a research note issued on Monday. The firm set an “underperform” rating and a $8.00 price target on the oil and natural gas company’s stock. Credit Suisse Group’s target price points to a potential downside of 4.31% from the company’s current price.
A number of other equities research analysts have also issued reports on the company. BMO Capital Markets set a $10.00 price target on SRC Energy and gave the company a “hold” rating in a research report on Tuesday, November 14th. BidaskClub lowered SRC Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Imperial Capital restated an “outperform” rating and issued a $13.00 price target (up from $11.00) on shares of SRC Energy in a research report on Monday, November 13th. Robert W. Baird lowered their price objective on SRC Energy from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. Finally, Zacks Investment Research lowered SRC Energy from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. SRC Energy presently has an average rating of “Buy” and a consensus price target of $11.78.
Shares of SRC Energy (NYSEAMERICAN SRCI) opened at $8.36 on Monday. SRC Energy has a 52 week low of $6.19 and a 52 week high of $10.22.
A number of institutional investors have recently bought and sold shares of the business. Miller Howard Investments Inc. NY purchased a new position in shares of SRC Energy during the third quarter worth about $168,000. Northern Trust Corp grew its holdings in shares of SRC Energy by 6.3% during the second quarter. Northern Trust Corp now owns 3,562,827 shares of the oil and natural gas company’s stock worth $23,977,000 after purchasing an additional 212,710 shares during the last quarter. Vivaldi Asset Management LLC purchased a new position in shares of SRC Energy during the second quarter worth about $3,321,000. Prudential Financial Inc. grew its holdings in shares of SRC Energy by 78.7% during the third quarter. Prudential Financial Inc. now owns 613,450 shares of the oil and natural gas company’s stock worth $5,932,000 after purchasing an additional 270,090 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of SRC Energy by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 156,440 shares of the oil and natural gas company’s stock worth $1,053,000 after purchasing an additional 12,290 shares during the last quarter.
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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.
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