ValuEngine downgraded shares of Torchlight Energy Resources (NASDAQ:TRCH) from a hold rating to a sell rating in a research note released on Thursday morning, ValuEngine reports.

Separately, Zacks Investment Research raised Torchlight Energy Resources from a sell rating to a hold rating in a research note on Wednesday, June 5th.

TRCH stock traded up $0.05 during mid-day trading on Thursday, hitting $1.06. 1,531 shares of the stock were exchanged, compared to its average volume of 182,855. The business has a fifty day moving average price of $1.33 and a 200 day moving average price of $1.39. Torchlight Energy Resources has a 12 month low of $0.53 and a 12 month high of $1.98.

Torchlight Energy Resources (NASDAQ:TRCH) last issued its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Torchlight Energy Resources had a negative return on equity of 27.61% and a negative net margin of 475.72%. The firm had revenue of $0.24 million during the quarter, compared to analyst estimates of $0.52 million. As a group, research analysts expect that Torchlight Energy Resources will post -0.05 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC lifted its stake in shares of Torchlight Energy Resources by 13.1% in the 2nd quarter. Prime Capital Investment Advisors LLC now owns 101,760 shares of the oil and gas company’s stock valued at $144,000 after acquiring an additional 11,760 shares during the last quarter. Morgan Stanley lifted its stake in shares of Torchlight Energy Resources by 45.6% in the 2nd quarter. Morgan Stanley now owns 164,823 shares of the oil and gas company’s stock valued at $234,000 after acquiring an additional 51,636 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Torchlight Energy Resources by 154.8% in the 2nd quarter. BlackRock Inc. now owns 977,130 shares of the oil and gas company’s stock valued at $1,388,000 after acquiring an additional 593,701 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Torchlight Energy Resources by 29.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,942,710 shares of the oil and gas company’s stock valued at $2,759,000 after acquiring an additional 441,633 shares during the last quarter. 9.26% of the stock is owned by institutional investors.

About Torchlight Energy Resources

Torchlight Energy Resources, Inc, through its subsidiaries, engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. As of December 31, 2018, it had interests in four oil and gas projects, including the Orogrande project in Hudspeth County, Texas; Hazel project in Sterling, Tom Green, and Irion Counties, Texas; Winkler project in Winkler County, Texas; and Hunton wells in partnership with Husky Ventures in central Oklahoma.

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