Resolute Energy Corp. (REN) Upgraded by Zacks Investment Research to Buy
Resolute Energy Corp. (NYSE:REN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $29.00 price target on the oil and gas exploration company’s stock. Zacks Investment Research’s target price suggests a potential upside of 12.93% from the stock’s previous close.
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 equities analysts have also weighed in on the company. Barclays PLC reiterated an “equal weight” rating and issued a $28.00 price target (up previously from $5.00) on shares of Resolute Energy Corp. in a research report on Friday, September 16th. Northland Securities reiterated an “outperform” rating and issued a $35.00 price target (up previously from $12.00) on shares of Resolute Energy Corp. in a research report on Wednesday, September 7th. Wunderlich increased their price target on Resolute Energy Corp. from $15.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 22nd. Finally, Johnson Rice upgraded Resolute Energy Corp. from an “accumulate” rating to a “buy” rating in a research report on Monday, July 11th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $29.25.
Shares of Resolute Energy Corp. (NYSE:REN) opened at 25.68 on Tuesday. The stock’s market capitalization is $392.01 million. The firm’s 50 day moving average is $21.01 and its 200 day moving average is $8.45. Resolute Energy Corp. has a 12 month low of $2.05 and a 12 month high of $26.50.
Resolute Energy Corp. (NYSE:REN) last released its quarterly earnings results on Monday, August 8th. The oil and gas exploration company reported ($2.44) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $2.41. The company earned $35.40 million during the quarter, compared to analyst estimates of $51.82 million. During the same period last year, the business earned ($3.46) EPS. The firm’s revenue for the quarter was down 26.9% compared to the same quarter last year. On average, equities analysts predict that Resolute Energy Corp. will post $1.04 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Resolute Energy Corp. stock. Spark Investment Management LLC boosted its position in Resolute Energy Corp. (NYSE:REN) by 666.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 500,100 shares of the oil and gas exploration company’s stock after buying an additional 434,842 shares during the period. Spark Investment Management LLC owned 0.66% of Resolute Energy Corp. worth $255,000 as of its most recent filing with the SEC. 39.98% of the stock is currently owned by institutional investors and hedge funds.
Resolute Energy Corp. 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. Its properties are Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field), and the Permian Basin in Texas and southeast New Mexico (the Permian Properties or Permian Basin Properties).
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