Memorial Resource Development Corp Shares Up 3% After Insider Buying Activity (MRD)
Shares of Memorial Resource Development Corp (NYSE:MRD) shot up 3% during trading on Wednesday following insider buying activity, Stock Ratings News reports. The stock traded as high as $25.88 and last traded at $25.66, with a volume of 551,775 shares. The stock had previously closed at $24.91.
Specifically, Director Robert A. Innamorati acquired 8,127 shares of Memorial Resource Development Corp stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average price of $25.12 per share, with a total value of $204,150.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Wunderlich initiated coverage on shares of Memorial Resource Development Corp in a research note on Thursday, July 17th. They set a “buy” rating and a $35.00 price target on the stock. Separately, analysts at Bank of America initiated coverage on shares of Memorial Resource Development Corp in a research note on Tuesday, July 8th. They set a “buy” rating and a $32.00 price target on the stock. Finally, analysts at Howard Weil initiated coverage on shares of Memorial Resource Development Corp in a research note on Tuesday, July 8th. They set an “outperform” rating and a $33.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Memorial Resource Development Corp has a consensus rating of “Buy” and a consensus price target of $31.63.
The stock’s 50-day moving average is $24.48 and its 200-day moving average is $24.37. The company has a market cap of $4.986 billion and a price-to-earnings ratio of 80.35.
Memorial Resource Development Corp (NYSE:MRD) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.04. Analysts expect that Memorial Resource Development Corp will post $0.68 EPS for the current fiscal year.
Memorial Resource Development Corp. is an independent natural gas and oil company focused on the exploitation, development, and acquisition of natural gas, NGL and oil properties with a its activity in the Terryville Complex of North Louisiana, where the Company is targeting over pressured, liquids-rich natural gas opportunities in multiple zones in the Cotton Valley formation.
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