Resolute Energy (REN) Cut to Hold at Zacks Investment Research
Resolute Energy (NYSE:REN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Friday.
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. “
A number of other research analysts also recently commented on REN. Goldman Sachs Group raised shares of Resolute Energy from a “neutral” rating to a “buy” rating and set a $32.00 target price on the stock in a research report 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 report on Tuesday, October 24th. SunTrust Banks reissued a “buy” rating on shares of Resolute Energy in a research report 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 report on Thursday, November 16th. Finally, Barclays reissued an “overweight” rating and set a $37.00 target price on shares of Resolute Energy in a research report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $44.22.
In other news, Director James E. Duffy sold 2,000 shares of Resolute Energy stock in a transaction that occurred 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 filing with the SEC, which is accessible through this hyperlink. Also, insider Nicholas J. Sutton sold 9,999 shares of Resolute Energy stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $27.29, for a total transaction of $272,872.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,999 shares of company stock worth $559,458. Insiders own 7.30% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Monarch Alternative Capital LP grew its position in shares of Resolute Energy by 33.3% in 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 buying an additional 453,251 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Resolute Energy by 46.2% in 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 buying an additional 472,759 shares during the last quarter. BlackRock Inc. grew its position in shares of Resolute Energy by 2.2% in the 4th quarter. BlackRock Inc. now owns 1,399,693 shares of the oil and gas exploration company’s stock worth $44,049,000 after buying an additional 30,337 shares during the last quarter. State Street Corp grew its position in shares of Resolute Energy by 8.0% in the 2nd quarter. State Street Corp now owns 1,088,191 shares of the oil and gas exploration company’s stock worth $32,396,000 after buying an additional 80,369 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its position in shares of Resolute Energy by 77.4% in the 2nd quarter. Westwood Holdings Group Inc. now owns 667,290 shares of the oil and gas exploration company’s stock worth $19,865,000 after buying an additional 291,195 shares during the last quarter.
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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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