Russell Investments Group Ltd. Lowers Stake in SRC Energy Inc (SRCI)
Russell Investments Group Ltd. lowered its stake in SRC Energy Inc (NASDAQ:SRCI) by 45.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 371,994 shares of the oil and natural gas company’s stock after selling 306,698 shares during the period. Russell Investments Group Ltd. owned 0.19% of SRC Energy worth $2,504,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. UBS Group AG bought a new stake in shares of SRC Energy during the first quarter valued at about $101,000. Commerce Bank acquired a new stake in SRC Energy during the first quarter worth $101,000. Piedmont Investment Advisors LLC acquired a new stake in SRC Energy during the first quarter worth $101,000. Flinton Capital Management LLC acquired a new stake in SRC Energy during the first quarter worth $105,000. Finally, World Asset Management Inc acquired a new stake in SRC Energy during the first quarter worth $106,000.
Shares of SRC Energy Inc (NASDAQ SRCI) traded up 0.76% on Friday, reaching $7.95. 1,892,417 shares of the company were exchanged. SRC Energy Inc has a 12-month low of $5.87 and a 12-month high of $10.38. The firm has a 50 day moving average price of $7.86 and a 200-day moving average price of $7.63. The stock has a market capitalization of $1.60 billion and a PE ratio of 47.04.
SRC Energy (NASDAQ:SRCI) last posted its earnings results on Thursday, August 3rd. The oil and natural gas company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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. On average, analysts predict that SRC Energy Inc will post $0.60 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This article was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this article on another website, it was illegally stolen and republished in violation of United States and international copyright & trademark law. The correct version of this article can be read at https://www.thecerbatgem.com/2017/09/02/russell-investments-group-ltd-lowers-stake-in-src-energy-inc-srci.html.
A number of research firms have recently weighed in on SRCI. Robert W. Baird reiterated a “buy” rating and issued a $12.00 price target on shares of SRC Energy in a research report on Friday. Scotiabank set a $10.00 price target on shares of SRC Energy and gave the company a “buy” rating in a research report on Saturday, July 1st. Seaport Global Securities downgraded shares of SRC Energy from a “buy” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $5.00 in a research report on Wednesday, June 21st. BMO Capital Markets reiterated a “hold” rating and issued a $9.00 price target on shares of SRC Energy in a research report on Wednesday, June 21st. Finally, Citigroup Inc. lifted their price target on shares of SRC Energy from $8.00 to $8.50 and gave the company a “neutral” rating in a research report on Tuesday, August 15th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $11.40.
In other news, COO Nicholas Spence bought 8,000 shares of the stock in a transaction on Thursday, June 8th. The shares were acquired at an average cost of $6.45 per share, for a total transaction of $51,600.00. Following the purchase, the chief operating officer now directly 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 SEC, which can be accessed through the SEC website.
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.
Want to see what other hedge funds are holding SRCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SRC Energy Inc (NASDAQ:SRCI).
Receive News & Stock Ratings for SRC Energy Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SRC Energy Inc and related stocks with our FREE daily email newsletter.