Jefferies Financial Group Weighs in on SRC Energy Inc’s FY2018 Earnings (SRCI)

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SRC Energy Inc (NYSEAMERICAN:SRCI) – Equities research analysts at Jefferies Financial Group lowered their FY2018 earnings estimates for SRC Energy in a report released on Monday, October 15th, according to Zacks Investment Research. Jefferies Financial Group analyst M. Lear now expects that the oil and natural gas company will post earnings per share of $1.18 for the year, down from their previous estimate of $1.20. Jefferies Financial Group has a “Buy” rating and a $15.00 price target on the stock. Jefferies Financial Group also issued estimates for SRC Energy’s Q3 2019 earnings at $0.29 EPS and FY2019 earnings at $1.26 EPS.

SRC Energy (NYSEAMERICAN:SRCI) last released its quarterly earnings results on Wednesday, October 31st. The oil and natural gas company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.01. The firm had revenue of $160.98 million for the quarter, compared to analyst estimates of $155.20 million.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of SRC Energy from a “buy” rating to a “hold” rating in a research report on Saturday, November 3rd. Roth Capital raised shares of SRC Energy from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, October 18th. Robert W. Baird raised shares of SRC Energy from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $10.00 to $12.00 in a research report on Monday, October 15th. KLR Group reissued a “buy” rating and issued a $15.00 target price on shares of SRC Energy in a research report on Monday, August 20th. Finally, Seaport Global Securities reissued a “neutral” rating on shares of SRC Energy in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $12.63.

Shares of SRC Energy stock traded down $0.26 during mid-day trading on Wednesday, hitting $7.44. 2,951,015 shares of the stock were exchanged, compared to its average volume of 3,105,024. SRC Energy has a twelve month low of $6.68 and a twelve month high of $13.32.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Piedmont Investment Advisors LLC increased its stake in shares of SRC Energy by 9.1% in the second quarter. Piedmont Investment Advisors LLC now owns 56,404 shares of the oil and natural gas company’s stock worth $622,000 after buying an additional 4,726 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of SRC Energy by 12.6% in the second quarter. Nisa Investment Advisors LLC now owns 43,825 shares of the oil and natural gas company’s stock worth $483,000 after buying an additional 4,900 shares during the last quarter. Lowe Brockenbrough & Co. Inc. increased its stake in shares of SRC Energy by 13.9% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 41,000 shares of the oil and natural gas company’s stock worth $452,000 after buying an additional 5,000 shares during the last quarter. Amalgamated Bank increased its stake in shares of SRC Energy by 15.1% in the second quarter. Amalgamated Bank now owns 39,145 shares of the oil and natural gas company’s stock worth $431,000 after buying an additional 5,144 shares during the last quarter. Finally, Profund Advisors LLC increased its stake in shares of SRC Energy by 14.9% in the first quarter. Profund Advisors LLC now owns 41,739 shares of the oil and natural gas company’s stock worth $394,000 after buying an additional 5,424 shares during the last quarter.

In other news, CEO Lynn A. Peterson acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were bought at an average price of $9.26 per share, for a total transaction of $185,200.00. Following the completion of the purchase, the chief executive officer now directly owns 626,591 shares of the company’s stock, valued at approximately $5,802,232.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Spence acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average price of $7.57 per share, for a total transaction of $75,700.00. Following the purchase, the executive vice president now directly owns 145,492 shares of the company’s stock, valued at $1,101,374.44. The disclosure for this purchase can be found here. Insiders purchased 40,000 shares of company stock worth $353,500 in the last 90 days.

About SRC Energy

SRC Energy Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado. As of December 31, 2017, it had net proved oil and natural gas reserves of 69.4 million barrels of oil and condensate, 559.9 billion cubic feet of natural gas, and 64.0 million barrels of natural gas liquids; and operated 551 net producing wells, as well as had 98,600 gross and 88,300 net acres under lease in the Wattenberg Field.

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