Resolute Energy Corporation (REN) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Resolute Energy Corporation (NYSE:REN) from a strong sell rating to a hold rating in a research note issued to investors on Saturday morning.
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. “
Other equities research analysts also recently issued reports about the stock. BMO Capital Markets set a $38.00 price target on shares of Resolute Energy Corporation and gave the company a buy rating in a research note on Monday, June 26th. SunTrust Banks, Inc. started coverage on shares of Resolute Energy Corporation in a research note on Thursday, June 1st. They issued a buy rating and a $55.00 price target for the company. Northland Securities set a $60.00 price target on shares of Resolute Energy Corporation and gave the company a buy rating in a research note on Monday, July 17th. BidaskClub raised shares of Resolute Energy Corporation from a sell rating to a hold rating in a research note on Wednesday, July 12th. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Resolute Energy Corporation in a research note on Monday, July 17th. They issued a neutral rating and a $34.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $43.45.
Shares of Resolute Energy Corporation (REN) traded down 0.71% during trading on Friday, reaching $28.01. 647,103 shares of the company were exchanged. The stock’s 50-day moving average is $30.95 and its 200-day moving average is $38.56. Resolute Energy Corporation has a 52-week low of $13.45 and a 52-week high of $49.14. The firm’s market cap is $617.82 million.
Resolute Energy Corporation (NYSE:REN) last posted its quarterly earnings results on Monday, August 7th. The oil and gas exploration company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.25. The company had revenue of $71.06 million during the quarter, compared to the consensus estimate of $77.09 million. During the same period last year, the firm posted ($2.44) earnings per share. The company’s revenue for the quarter was up 100.8% on a year-over-year basis. Equities research analysts predict that Resolute Energy Corporation will post $1.00 earnings per share for the current fiscal year.
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In other news, Director James E. Duffy sold 1,250 shares of the business’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $29.91, for a total transaction of $37,387.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard F. Betz sold 12,500 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $40.96, for a total transaction of $512,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,750 shares of company stock valued at $1,532,578. 7.30% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of REN. Wellington Management Group LLP boosted its position in Resolute Energy Corporation by 68.9% in the first quarter. Wellington Management Group LLP now owns 3,097,194 shares of the oil and gas exploration company’s stock valued at $125,127,000 after buying an additional 1,263,959 shares during the period. Vanguard Group Inc. boosted its position in Resolute Energy Corporation by 46.2% in the second quarter. Vanguard Group Inc. now owns 1,495,382 shares of the oil and gas exploration company’s stock valued at $44,518,000 after buying an additional 472,759 shares during the period. Franklin Resources Inc. boosted its position in Resolute Energy Corporation by 32.0% in the second quarter. Franklin Resources Inc. now owns 1,719,287 shares of the oil and gas exploration company’s stock valued at $51,182,000 after buying an additional 416,802 shares during the period. Caymus Capital Partners L.P. purchased a new position in Resolute Energy Corporation during the first quarter valued at $16,564,000. Finally, Westwood Holdings Group Inc. purchased a new position in Resolute Energy Corporation during the first quarter valued at $15,194,000. 86.52% of the stock is owned by institutional investors.
About Resolute Energy Corporation
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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