Barclays PLC Reaffirms Equal Weight Rating for Resolute Energy Corp. (REN)
Barclays PLC restated their equal weight rating on shares of Resolute Energy Corp. (NYSE:REN) in a research report sent to investors on Friday morning. The firm currently has a $28.00 target price on the oil and gas exploration company’s stock, up from their previous target price of $5.00.
“We are raising our estimates and price target in response to REN’s recent strategic shift to the Delaware Basin (Permian). Results from the company’s Wolfcamp A drilling program have been strong, and have substantially repositioned the company’s growth profile and financial position. As a result, we are increasing our 2017 and 2018 production forecast to 17.24 Mboe/d (from 16.06 Mboe/d) and to 20.00 Mboe/d (from 16.92 Mboe/d), respectively. We are increasing our 2017 and 2018 CAPEX forecasts to $205 million (from $155 million) and to $250 million (from $200 million). As a result, we are increasing our price target to $25/sh, up from $8.00 /sh.”,” the firm’s analyst commented.
REN has been the topic of a number of other research reports. Johnson Rice raised shares of Resolute Energy Corp. from an accumulate rating to a buy rating in a research note on Monday, July 11th. Zacks Investment Research raised shares of Resolute Energy Corp. from a hold rating to a buy rating and set a $19.00 target price on the stock in a research note on Tuesday, August 16th. Wunderlich upgraded shares of Resolute Energy Corp. from a hold rating to a buy rating and lifted their price target for the stock from $4.00 to $8.00 in a report on Monday, July 11th. Finally, Northland Securities reiterated an outperform rating and set a $35.00 price target (up previously from $12.00) on shares of Resolute Energy Corp. in a report on Wednesday, September 7th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $26.75.
Resolute Energy Corp. (NYSE:REN) opened at 23.34 on Friday. The company’s market cap is $356.29 million. The firm’s 50-day moving average price is $17.35 and its 200-day moving average price is $7.12. Resolute Energy Corp. has a 12-month low of $1.75 and a 12-month high of $25.48.
Resolute Energy Corp. (NYSE:REN) last posted its earnings results on Monday, August 8th. The oil and gas exploration company reported ($2.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $2.41. The company had revenue of $35.40 million for the quarter, compared to the consensus estimate of $51.82 million. Resolute Energy Corp. had a negative return on equity of 264.76% and a negative net margin of 332.86%. The business’s quarterly revenue was down 26.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.46) EPS. Equities research analysts forecast that Resolute Energy Corp. will post $1.03 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. purchased a new position in Resolute Energy Corp. during the second quarter valued at about $1,681,000. Spark Investment Management LLC raised its position in Resolute Energy Corp. by 666.3% in the first quarter. Spark Investment Management LLC now owns 500,100 shares of the oil and gas exploration company’s stock valued at $255,000 after buying an additional 434,842 shares during the last quarter. Finally, First Republic Investment Management Inc. raised its position in Resolute Energy Corp. by 26.7% in the first quarter. First Republic Investment Management Inc. now owns 571,839 shares of the oil and gas exploration company’s stock valued at $292,000 after buying an additional 120,589 shares during the last quarter. Institutional investors and hedge funds own 39.98% of the company’s stock.
About Resolute Energy Corp.
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. Its properties are Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field), and the Permian Basin in Texas and southeast New Mexico (the Permian Properties or Permian Basin Properties).
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