SRC Energy (SRCI) Cut to Sector Perform at Royal Bank of Canada

SRC Energy (NYSEAMERICAN:SRCI) was downgraded by Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Friday, The Fly reports.

Several other research firms have also recently commented on SRCI. BidaskClub upgraded shares of SRC Energy from a “hold” rating to a “buy” rating in a report on Tuesday, October 3rd. Imperial Capital restated an “outperform” rating on shares of SRC Energy in a report on Thursday, September 28th. Stephens restated an “overweight” rating and set a $12.00 price target (up from $11.00) on shares of SRC Energy in a report on Saturday, September 30th. Stifel Nicolaus set a $10.00 price target on shares of SRC Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Roth Capital restated a “buy” rating and set a $11.00 price target on shares of SRC Energy in a report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. SRC Energy presently has a consensus rating of “Buy” and an average target price of $11.73.

SRC Energy (NYSEAMERICAN:SRCI) opened at $9.12 on Friday. The firm has a market cap of $2,060.00, a P/E ratio of 19.00 and a beta of 1.52. SRC Energy has a 1 year low of $6.19 and a 1 year high of $10.22.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of SRC Energy by 1.6% in the second quarter. BlackRock Inc. now owns 24,464,771 shares of the oil and natural gas company’s stock valued at $164,648,000 after purchasing an additional 395,846 shares during the period. JPMorgan Chase & Co. raised its position in shares of SRC Energy by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 11,864,084 shares of the oil and natural gas company’s stock valued at $113,776,000 after purchasing an additional 129,611 shares during the period. Vanguard Group Inc. raised its position in shares of SRC Energy by 5.4% in the second quarter. Vanguard Group Inc. now owns 10,901,745 shares of the oil and natural gas company’s stock valued at $73,369,000 after purchasing an additional 558,923 shares during the period. Dimensional Fund Advisors LP raised its position in shares of SRC Energy by 18.8% in the third quarter. Dimensional Fund Advisors LP now owns 10,659,732 shares of the oil and natural gas company’s stock valued at $103,079,000 after purchasing an additional 1,690,467 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of SRC Energy by 1.9% in the third quarter. Victory Capital Management Inc. now owns 10,546,990 shares of the oil and natural gas company’s stock valued at $101,989,000 after purchasing an additional 197,540 shares during the period.

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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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