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Memorial Resource Development Corp (NYSE:MRD) shares hit a new 52-week high during trading on Tuesday , AnalystRatingsNetwork reports. The stock traded as high as $29.49 and last traded at $28.93, with a volume of 677,306 shares. The stock had previously closed at $29.47.

A number of analysts have recently weighed in on MRD shares. 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 research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $31.63.

The stock’s 50-day moving average is $25.11 and its 200-day moving average is $24.91. The company has a market cap of $5.602 billion and a price-to-earnings ratio of 95.06.

Memorial Resource Development Corp (NYSE:MRD) last released its earnings data 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. On average, analysts predict that Memorial Resource Development Corp will post $0.69 earnings per share 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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