SRC Energy Inc (NASDAQ:SRCI) issued its quarterly earnings results on Thursday. The oil and natural gas company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.03, Morningstar.com reports. SRC Energy had a net margin of 44.12% and a return on equity of 9.36%. The firm had revenue of $75.04 million for the quarter, compared to analyst estimates of $68.08 million.

Shares of SRC Energy (SRCI) traded up 8.45% on Friday, hitting $8.47. 3,395,864 shares of the stock were exchanged. SRC Energy has a 1-year low of $5.87 and a 1-year high of $10.38. The stock’s market cap is $1.70 billion. The stock’s 50-day moving average is $7.12 and its 200-day moving average is $7.74.

In other 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 price of $6.45 per share, for a total transaction of $51,600.00. Following the completion of the acquisition, the chief operating officer now directly owns 108,222 shares in the company, valued at approximately $698,031.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge funds have recently made changes to their positions in the stock. UBS Group AG purchased a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. Commerce Bank purchased a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. Piedmont Investment Advisors LLC purchased a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. Flinton Capital Management LLC purchased a new stake in shares of SRC Energy during the first quarter valued at approximately $105,000. Finally, World Asset Management Inc purchased a new stake in shares of SRC Energy during the first quarter valued at approximately $106,000.

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Several brokerages have issued reports on SRCI. Roth Capital set a $11.00 price target on shares of SRC Energy and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research lowered shares of SRC Energy from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $10.00 price target on shares of SRC Energy in a research note on Friday, July 14th. Scotiabank set a $10.00 price target on shares of SRC Energy and gave the company a “buy” rating in a research note on Saturday, July 1st. Finally, Seaport Global Securities lowered shares of SRC Energy from a “buy” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $5.00 in a research note on Wednesday, June 21st. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $11.63.

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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