Zacks Investment Research Lowers Resolute Energy (REN) to Sell
Zacks Investment Research cut shares of Resolute Energy (NYSE:REN) from a strong-buy rating to a sell rating in a report issued on Wednesday.
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 brokerages also recently issued reports on REN. BMO Capital Markets set a $35.00 price target on shares of Resolute Energy and gave the stock a hold rating in a report on Tuesday, October 24th. Goldman Sachs Group set a $37.00 price target on shares of Resolute Energy and gave the stock a buy rating in a report on Wednesday, December 6th. ValuEngine downgraded shares of Resolute Energy from a hold rating to a sell rating in a report on Friday, February 2nd. SunTrust Banks reissued a buy rating on shares of Resolute Energy in a report on Friday, November 10th. Finally, Barclays reissued a buy rating and set a $36.00 price target on shares of Resolute Energy in a report on Sunday, December 24th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $43.89.
In other Resolute Energy news, Director James E. Duffy sold 2,000 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $28.04, for a total transaction of $56,080.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas J. Sutton sold 9,999 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $27.29, for a total transaction of $272,872.71. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,499 shares of company stock worth $489,483. Insiders own 7.30% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Monarch Alternative Capital LP lifted its holdings in Resolute Energy by 33.3% during the third quarter. Monarch Alternative Capital LP now owns 1,816,300 shares of the oil and gas exploration company’s stock valued at $53,926,000 after purchasing an additional 453,251 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Resolute Energy 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 worth $44,518,000 after buying an additional 472,759 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Resolute Energy by 2.2% in the fourth quarter. BlackRock Inc. now owns 1,399,693 shares of the oil and gas exploration company’s stock worth $44,049,000 after buying an additional 30,337 shares in the last quarter. State Street Corp lifted its stake in shares of Resolute Energy by 8.0% in the second quarter. State Street Corp now owns 1,088,191 shares of the oil and gas exploration company’s stock worth $32,396,000 after buying an additional 80,369 shares in the last quarter. Finally, Lion Point Capital LP purchased a new position in shares of Resolute Energy in the fourth quarter worth about $30,683,000.
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Resolute Energy 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. 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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