$87.55 Million in Sales Expected for SRC Energy Inc (SRCI) This Quarter
Wall Street analysts forecast that SRC Energy Inc (NASDAQ:SRCI) will announce $87.55 million in sales for the current quarter, Zacks reports. Nine analysts have provided estimates for SRC Energy’s earnings, with the lowest sales estimate coming in at $72.81 million and the highest estimate coming in at $101.99 million. SRC Energy posted sales of $26.23 million in the same quarter last year, which suggests a positive year over year growth rate of 233.8%. The company is scheduled to report its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that SRC Energy will report full-year sales of $87.55 million for the current financial year, with estimates ranging from $261.36 million to $343.63 million. For the next fiscal year, analysts forecast that the firm will post sales of $493.19 million per share, with estimates ranging from $317.50 million to $600.64 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow SRC Energy.
SRC Energy (NASDAQ:SRCI) last issued 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 Zacks’ consensus estimate of $0.11 by $0.03. SRC Energy had a return on equity of 9.36% and a net margin of 44.12%. The firm had revenue of $75.04 million for the quarter, compared to analysts’ expectations of $68.08 million.
SRCI has been the topic of a number of analyst reports. Simmons upped their price target on SRC Energy from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, April 17th. Credit Suisse Group reiterated an “outperform” rating and issued a $10.00 price target on shares of SRC Energy in a research report on Friday, June 2nd. Capital One Financial Corporation initiated coverage on SRC Energy in a research report on Tuesday, April 25th. They issued an “overweight” rating and a $13.00 price target on the stock. Wells Fargo & Company lowered SRC Energy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research lowered SRC Energy from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. SRC Energy currently has an average rating of “Buy” and a consensus price target of $11.63.
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SRC Energy (NASDAQ SRCI) opened at 8.18 on Friday. The company has a market cap of $1.64 billion and a PE ratio of 48.40. SRC Energy has a one year low of $5.87 and a one year high of $10.38. The firm’s 50-day moving average price is $7.50 and its 200-day moving average price is $7.73.
In related news, COO Nicholas Spence acquired 8,000 shares of the stock in a transaction dated Thursday, June 8th. The stock was purchased at an average cost of $6.45 per share, with a total value of $51,600.00. Following the completion of the purchase, the chief operating officer now directly owns 108,222 shares in the company, valued at approximately $698,031.90. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.
Several hedge funds have recently modified their holdings of SRCI. Commerce Bank bought a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. UBS Group AG bought a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. Piedmont Investment Advisors LLC bought a new stake in shares of SRC Energy during the first quarter valued at approximately $101,000. Teacher Retirement System of Texas increased its stake in shares of SRC Energy by 3.3% in the second quarter. Teacher Retirement System of Texas now owns 15,503 shares of the oil and natural gas company’s stock valued at $104,000 after buying an additional 502 shares during the period. Finally, Flinton Capital Management LLC bought a new stake in shares of SRC Energy during the first quarter valued at approximately $105,000.
SRC Energy Company Profile
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.
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