SRC Energy Inc (SRCI) Expected to Post Quarterly Sales of $86.14 Million
Wall Street brokerages expect SRC Energy Inc (NASDAQ:SRCI) to report sales of $86.14 million for the current quarter, according to Zacks. Eight analysts have issued estimates for SRC Energy’s earnings, with the highest sales estimate coming in at $101.99 million and the lowest estimate coming in at $72.81 million. SRC Energy reported sales of $26.23 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 228.4%. The business is scheduled to report its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that SRC Energy will report full year sales of $86.14 million for the current financial year, with estimates ranging from $261.36 million to $343.63 million. For the next fiscal year, analysts forecast that the company will post sales of $486.35 million per share, with estimates ranging from $317.50 million to $600.64 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover SRC Energy.
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, topping analysts’ consensus estimates of $0.11 by $0.03. SRC Energy had a net margin of 37.23% and a return on equity of 12.75%. The business had revenue of $75.04 million for the quarter, compared to analysts’ expectations of $68.08 million.
SRCI has been the topic of a number of recent analyst reports. Credit Suisse Group reaffirmed an “outperform” rating and issued a $10.00 target price on shares of SRC Energy in a research report on Friday, June 2nd. BMO Capital Markets set a $9.00 target price on shares of SRC Energy and gave the company a “hold” rating in a research report on Sunday, August 13th. Wells Fargo & Company downgraded shares of SRC Energy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 3rd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $10.00 target price on shares of SRC Energy in a research report on Friday, July 14th. Finally, Roth Capital set a $11.00 target price on shares of SRC Energy and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. SRC Energy presently has a consensus rating of “Buy” and an average price target of $11.34.
SRC Energy (NASDAQ:SRCI) opened at 7.66 on Wednesday. The stock’s 50 day moving average is $7.76 and its 200-day moving average is $7.66. SRC Energy has a 52-week low of $5.87 and a 52-week high of $10.38. The firm has a market capitalization of $1.54 billion and a PE ratio of 45.33.
In other SRC Energy news, COO Nicholas Spence acquired 8,000 shares of the stock in a transaction on Thursday, June 8th. The shares were bought at an average cost of $6.45 per share, with a total value of $51,600.00. Following the transaction, the chief operating officer now owns 108,222 shares of the company’s stock, valued at approximately $698,031.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds and other institutional investors have recently modified their holdings of SRCI. Commerce Bank acquired a new position in shares of SRC Energy during the first quarter valued at about $101,000. UBS Group AG acquired a new position in shares of SRC Energy during the first quarter valued at about $101,000. Piedmont Investment Advisors LLC acquired a new position in shares of SRC Energy during the first quarter valued at about $101,000. Teacher Retirement System of Texas increased its position in shares of SRC Energy by 3.3% in the second quarter. Teacher Retirement System of Texas now owns 15,503 shares of the oil and natural gas company’s stock valued at $104,000 after buying an additional 502 shares during the last quarter. Finally, Flinton Capital Management LLC acquired a new position in shares of SRC Energy during the first quarter valued at about $105,000.
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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